Sumitomo Chem nine-month income up 19.2%

02 February 2007 06:08  [Source: ICIS news]

TOKYO (ICIS news)--Japanese chemical producer Sumitomo Chemical on Friday reported a 19.2% increase in its nine-month operating income on higher chemical sales.

Consolidated operating profit in the nine months ended 31 December 2006 was yen (Y) 105.4bn ($871.1m), up from Y88.41bn a year before, the company said in a statement. Net sales rose 18.1% to Y1,300bn while net income increased 2.3% to Y72.9bn.

In the basic chemicals segment, operating income rose 31% to Y9.5bn on higher aluminum prices, it said. Sales of caprolactam and methyl methacrylate (MMA) also increased after expansions.

Net sales in this segment increased 28% to Y236.8bn.

In the petrochemicals and plastics segment, its nine-month operating income rose 37.1% to Y17.5bn from the same period a year ago while net sales rose 13% to Y405.7bn.

Sales of styrene monomer (SM), synthetic resins and other petrochemicals increased due to favourable market conditions, it said.

($1=Y121)

By: Tomomi Yokomura
+65 6780 4359

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