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Mitsubishi Chemical swings to profit in its first quarter

10:50 AM MDT | August 1, 2013 | Deepti Ramesh

Mitsubishi Chemical reports a net profit of ¥11.01 billion ($112 million) in its fiscal first quarter, ended June 30, compared with a net loss of ¥5.57 billion in the corresponding period of the previous fiscal year. First-quarter sales increased 2.7%, to ¥781.2 billion. Profits increased because of a recovery in demand for flat-panel display–related products, a large reduction in costs, as well as the depreciation of the Japanese currency, Mitsubishi says. During the first quarter of the fiscal year, demand for products in the company's...

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