Thanks to the recovery of global economy, the growth of chemical market demand and the implementation of cost reduction and efficiency improvement measures, Mitsubishi Chemical Company of Japan began to walk out of the profit downturn and successfully turned around the losses.
Mitsubishi Chemical, a major Japanese chemical company, made a profit of 12.8 billion yen (139 million US dollars) in the 2009 / 2010 fiscal year, compared with a net loss of 67.2 billion yen in the previous fiscal year. Operating profit jumped sharply from 8.2 billion yen to 66.3 billion yen, but sales revenue fell 13.5% year on year to 2.51 trillion yen. The business environment faced by Mitsubishi Chemical Company in the last fiscal year was still grim, especially the low sales price of products due to the decline of raw materials and energy costs. In addition, the demand for performance products and chemical products of the company was still weak. Sales revenue of Mitsubishi Chemical's chemical business fell 27% year on year to 785.7 billion yen, with an operating profit of 7.3 billion yen. Ethylene production increased by 13.6% year on year to 1.14 million tons.
