03 February 2011 08:41 [Source: ICIS news]
TOKYO (ICIS)--Japanese chemical producer Sumitomo Chemical’s nine-month net profit soared to yen (Y) 14.1bn ($173m) from Y1.23bn in the corresponding period a year before on improved market conditions and increased sales of chemical products.
Nine-month operating profit in the months ended 31 December 2010 more than doubled to Y79.3bn from Y29.8bn year on year, while net sales were up 28% to Y1,466.6bn from Y1,142.7bn, according to Sumitomo Chemical.
The petrochemical segment recorded an operating profit of Y10bn in the nine months, swinging from an operating loss of Y3.8bn, while net sales increased 42% to Y477.8bn, the producer said.
This was because the operation of Sumitomo Chemical’s joint venture petrochemical complex in Rabigh, Saudi Arabia, had begun to fully contribute to Sumitomo Chemical’s overall profits, boosting shipment volumes from PetroRabigh significantly, Sumitomo Chemical said.
($1 = Y81.6)
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