Ube Downgrades Earnings and Sales Projections

Ube Industries has downgraded its sales and earnings forecasts for the fiscal year ending March 31, 2012. Ube expects to record net profits of ¥21 billion ($251 million), having previously forecast net profits of ¥24 billion, and it forecasts full-year sales of ¥636 billion, having previously predicted sales of ¥662 billion. The earlier forecasts were announced last November. A fall in demand in the company’s specialty chemicals and products business segment—mainly in electronics- and information technology-related materials—has...

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