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Mitsubishi Rayon Doubles Sales, Returns to Profit; Upgrades Forecast

7:04 AM MDT | August 3, 2010 | Natasha Alperowicz

Mitsubishi Rayon reported an operating income of Y4.83 billion ($55.7 million) in the quarter ended June 30th, compared to an operating loss of Y5.7 billion in the corresponding period of 2009. Sales rose by 80% to Y112 billion. The company says demand rebounded at a faster than expected rate in each of its business segments, including chemicals and plastics as the economy continued to recover. This was driven by demand in emerging countries, primarily in China. Most of Mitsubishi Rayon's business segments reported strong gains in sales and profits with the...

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