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BUSINESS ASIA
Japanese companies with clear business strategies and that refrained from investing in the stock market performed well in the fiscal year that ended on March 31. Shin-Etsu Chemical, the world's largest producer of PVC and an important supplier of electronic materials, achieved record earnings for the eighth straight year. Shin-Etsu credited its aggressive marketing efforts and productivity improvements. The chemical-producing conglomerate Asahi Kasei, in contrast, reported a huge loss of $576 million, the first since it was listed in 1949. Although Asahi improved its earnings from operations, it booked special charges on its employee pension fund. Mitsubishi Chemical turned in a $184 million profit, despite a $111 million special charge to account for a drop in the value of stock investments. Masami Sawato, a chemical industry analyst at HSBC Securities, says Mitsubishi's results were the biggest surprise this year. The company has been exiting its least promising businesses, has restructured its R&D, and is strengthening drugs and new materials units. Teijin declared a $181 million loss, mostly the result of a $224 million decline in the value of securities it owns. The firm is reforming its management structure to increase focus on growing businesses such as aramid fibers.
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