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Mitsubishi Chemical Records Flat Profits and Lower Sales

12:10 AM MDT | August 1, 2011 | Deepti Ramesh

Mitsubishi Chemical reported flat net profits of ¥24.5 billion ($316 million) for its fiscal first quarter ended June 30, 2011, compared with the year-ago period, mainly due to the extraordinary losses incurred due to the earthquake and tsunami that struck the northeast of Japan on March 11, the company says. Sales decreased 0.5%, to ¥772.4 billion. “In the first quarter, the Japanese economy faced severe conditions due to the effects of the earthquake and tsunami of March 11. Some signs of recovery were however observed, such as the upturn in...

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