Nine-Month Profits Tumble at Leading Japanese Firms

Major Japanese chemical companies have reported huge falls in profits for the nine months ended December 31, 2008, citing the market downturn and falling product demand. Quarterly profits were not disclosed. Deteriorating results have prompted several leading Japanese firms to cut their earnings forecasts for the fiscal year ending March 31, 2009 (CW, Feb. 2/9, p. 7). Mitsubishi Chemical reported a net loss of ¥11.4 billion ($125 million) for the nine-month period, compared with a net profit of ¥175 billion in the nine months ended December 31, 2007...

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