Japanese Chemical Companies Swing to Profit in First Quarter

Major Japanese chemical companies reported a return to profit and higher sales for their fiscal first quarter ended June 30, 2010. Companies cite rising demand and higher prices. Mitsubishi Chemical reported a net profit of ¥24.5 billion ($288 million) for the quarter ended June 30, compared with a net loss of about ¥17 billion in the corresponding year-ago period, on sales up 41%, to ¥776 billion. The business environment was generally favorable due to higher selling prices and a recovery in demand in the performance products and industrial materials...

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