Abstract
AFTER EDGING DOWN for more than a year, profits at major chemical companies in Japan tumbled off a cliff in the first half of the fiscal year, which for them ends on March 31, 2009. Teijin, a producer of performance chemicals and fibers, earned just $4 million, whereas Sumitomo Chemical’s net earnings shrank 76% compared with the same time a year ago. Alone among the majors, Shin-Etsu Chemical managed to increase its net profit by 6%. Japanese firms are blaming deteriorating market conditions in Japan and elsewhere. The firms also say they were not fully able to pass along the increasing costs of raw materials to their customers. Furthermore, the rising value of the yen has hurt foreign sales. So far, the companies have not announced new measures to boost sales or cut costs. “Half of the companies are already thinking about what they will do, and the other half have been so caught by ...
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