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Mitsubishi Chemical reports huge fall in profits, closes Kashima cracker

10:35 AM MDT | August 1, 2014 | Deepti Ramesh

Mitsubishi Chemical Holdings, the parent of Mitsubishi Chemical, says its net profits decreased by 46.8% in its fiscal first quarter, ended 30 June, compared with the year-ago quarter, to ¥5.85 billion ($57 million). Net profits decreased because of extraordinary losses associated with the previously announced shutdown of the company’s number-one naphtha cracker and benzene unit at Kashima, Japan, in May, Mitsubishi says. Mitsubishi announced in 2012 that it will close permanently these units by 2014 because of an expected weakening in demand...

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