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Asahi Kasei Reports Huge Rise in Profits

12:08 AM MDT | August 2, 2011 | Deepti Ramesh

Asahi Kasei reported a more than doubling in net profits for its fiscal first quarter ended June 30, 2011, compared with the year-ago period, to ¥19.3 billion ($250 million). Sales increased 6.4%, to ¥376.1 billion. The strong first quarter results were partly due to the higher selling prices supported by robust overseas demand in the company's chemicals segment, Asahi Kasei says. The recovery of the global economy began slowing down during the quarter due to high feedstock prices and the resurgence of financial uncertainty triggered by the European...

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