Japan’s Sumitomo H1 net profit falls 77%

31 October 2008 09:24  [Source: ICIS news]

SINGAPORE (ICIS news)--Japanese chemical producer Sumitomo Chemical said on Friday its first half to September net profits fell by 77% year-on-year to Y6.3bn (US$64m), reflecting the adverse effects of high feedstock costs and stronger yen.

 

Operating income for most of its operations declined despite an 8% increase in net sales to Y1,009bn.

 

Its petrochemicals & plastics segment incurred the biggest loss of Y10.1bn while basic chemicals registered Y1.2bn in losses, reversing the operating earnings recorded a year earlier.

 

Sumitomo forecasts its full-year to March sales to rise 6% to Y2,010bn and net profit to be Y15bn, saying the group faces challenging business conditions.

 

“Japan’s economy will continue to be highly susceptible to downside risk from a slowdown in the US and other economies, volatile raw material prices, as well as prolonged turmoil in global financial markets,” Sumitomo said.

($1=Y98.27)

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By: Leon Toh
+65 6780 4359

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