Sumitomo raises fiscal 2006 financial forecasts

09 November 2006 09:03  [Source: ICIS news]

TOKYO (ICIS news)--Japan’s Sumitomo Chemical on Wednesday raised its forecast for its consolidated financial results for fiscal 2006 because the market condition of the aluminium sector was expected to improve.

 

Consolidated net sales for fiscal 2006 ending 31 March 2007 is now expected to be Y1.79trl, up 0.8% from the previous forecast of Y1.77trl announced in May.

 

Net income was revised by 13.8% to Y91bn ($772.6m/€604.1m), up from the former forecast of Y80bn. The operating income forecast was not revised.

 

The company added that another factor for the upward revision was that the exchange rate was expected to be favourable due to the weaker yen.

 

The company, however, said that both net sales and operating income of its consolidated subsidiaries in the IT-related chemicals segment were expected to decline.

 

In terms of non-consolidated financial results, the forecast for operating income was raised by 11.6% to Y48bn from the initial estimate of Y43bn, also announced in May.

 

Net sales was now expected to reach Y880bn, up 4.1% from Y845bn, while the net income forecast was raised by 47.2% to Y78bn from Y53bn.

 

The company said this was because the sale of GlaxoSmithKline shares would increase net ordinary gains, resulting in an overall increase in both sales and profits compared with the initial forecast.

By: Tomomi Yokomura
+65 6780 4359

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