3 big paper firms post fiscal 2010 losses

The Asahi Shimbun Wednesday 25th May, 2011

Three of Japan's six major paper manufacturers posted consolidated net losses for fiscal 2010. Companies said the red ink was partially the result of damage to their major factories in the Great East Japan Earthquake. Also, demand for paper dropped when many firms reduced newspaper and magazine advertising after the quake, the companies said. The companies said they are concerned about getting sales back up to pre-quake levels after their factories resume full operations. Nippon Paper Group Inc., the largest manufacturer of newsprint, posted a record net loss of 24.1 billion yen ($294.3 million), caused largely by the extraordinary loss of about 62.8 billion yen for damages at its Ishinomaki, Miyagi Prefecture, paper mill. Production at the mill will partially resu...

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