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Showa Denko Reports a Huge Net Loss And Fall in Sales in the First Quarter

11:19 AM MDT | May 8, 2009 | DEEPTI RAMESH

Showa Denko recorded a net loss of ¥22.1 billion ($223 million) in its first quarter ended March 31, 2009, compared with a net profit of ¥3.2 billion in the prior year. Sales fell 51%, to ¥121 billion. Japan was impacted during the quarter by the rapid deterioration in the world economy, resulting in substantial declines in Japanese exports and production, Showa Denko says. The group says it reduced production substantially in all segments as a result. Showa Denka also cites sharp production cuts in customer industries including electronics and...

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