Japanese Firms Report Lower Earnings and Sales

Most of the leading Japanese chemical companies reported lower earnings and sales for the fiscal first quarter ended June 30, 2012. The slowing global economy, weak demand in overseas markets including China, and the continued appreciation of the Japanese currency affected each company’s financial performance. Only Sumitomo Chemical and Shin-Etsu Chemical reported an improvement in earnings in the quarter. Mitsubishi Chemical posted a net loss of ¥5.57 billion ($71 million) in the quarter ended June 30, compared with a net profit of ¥24.46 billion...

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