Ube Reports Huge Fall in Profits

Ube Industries reported a 54% fall in net profits for the fiscal first quarter, ended June 30, 2012, compared with the year-ago period, to ¥2.3 billion ($29.5 million). Sales increased by 1.2%, to ¥151.2 billion. Ube’s chemicals and plastics segment recorded a 1.8% rise in first-quarter sales, to ¥54.4 billion, compared with the year-ago quarter. The segment reported a 75% fall in operating profits, however, to ¥1.5 billion. Sales of caprolactam was affected by the global economic slowdown and relaxation of supply and demand in China...

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