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Showa Denko Reports Huge Net Loss in First Quarter

11:51 PM MDT | April 30, 2009 | Deepti Ramesh

Showa Denko has recorded a net loss of ¥22.1 billion ($223 million) in the first quarter ended March 31, 2009, compared to a net profit of ¥3.2 billion in the first quarter of 2008. Sales for the first quarter fell by 51%, to ¥121 billion. During the first quarter, the Japanese economy was affected by the rapid deterioration in the world economy, resulting in substantial declines in export and production. Under these circumstances, Showa Denko and its group companies reduced production substantially in all segments in response to sharp production cuts...

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