Japanese firms finish tough fiscal year

Japan's major chemical companies are working on structural reforms and stronger cooperation as ways to reverse their poor performance in commodity chemicals. But for now they are struggling, as results for the 2023 fiscal year show. Sumitomo Chemical posted a loss of over 2 billion in the fiscal year, which ended March 31, while Mitsui Chemicals posted a second consecutive year of profit decline. Asahi Kasei turned around from a loss in 2022, but its profit was only half its earlier forecast. Mitsubishi Chemical Group reported a boost in profit but a decrease in sales. All four of these companies recorded write-downs, mainly in commodity chemicals, to account for businesses that have fallen in value. Sumitomo posted a 1. 7 billion write-down, and Asahi Kasei reported one of 376 million on its commodity petrochemical and resin facilities as part of a total write-down of 853 million. Mitsubishi recorded 602 million