Sumitomo Chem H1 op income up 20.5% on sales
09 November 2006 05:31 [Source: ICIS news]
TOKYO (ICIS news)--Sumitomo Chemical, a Japanese chemicals producer, posted a 20.5% rise in its fiscal first half operating income due to the robust demand for its petrochemicals and basic chemicals products in China and elsewhere in Asia, the company said on Thursday.
Consolidated operating income for the first six months ended 30 September was 68.2bn Japanese yen (Y) ($578.7m/€453.4m), up from Y56.63bn a year ago. Sumitomo’s first half net sales increased by 24.1% to Y854.6bn year-on-year, while net income rose 35.4% to Y53.3bn.
In the basic chemicals segment, first half net sales increased 28% to Y155.1bn from Y121.1bn in the previous year, while operating profit went up by 0.9% to Y5.9bn.
This was due to a substantial rise in sales of aluminum on improved market conditions, the company said. It added that the segment’s performance was also boosted by increased sales of caprolactam and methyl methacrylate (MMA) because of production capacity expansions.
Sumitomo’s petrochemicals and plastics segment saw a 13.3% increase in first half sales to Y265.9bn over the same period last year. It was bolstered by firm sales of synthetic resins both in
Sales of styrene monomer, propylene oxide and other petrochemical products had also increased due to favourable market conditions that supported prices rises taken in response to the rising feedstock costs, it added.
Operating profit for the petrochemicals and plastics segment, however, fell 16% to Y7.4bn from Y8.9bn in the previous year as it was affected by high feedstock prices, said Sumitomo.
By: Tomomi Yokomura
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