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Mitsubishi Eyes Losses

10:17 AM MDT | April 24, 2009

Mitsubishi Chemical has lowered its financial projections for the fiscal year ended March 31, 2009. Mitsubishi expects to record a net loss of ¥68 billion ($687 million) for the year, compared with a previous net loss projection of ¥58 billion. The operating profit projection was lowered to ¥8 billion from ¥22 billion. Mitsubishi has also cut its sales projection to ¥2.93 trillion, from ¥2.97 trillion. The operating profit revision reflects a drastic decrease in demand, and inventory losses, Mitsubishi says. The net loss revision is in...

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