31 July 2012 06:49 [Source: ICIS news]
TOKYO (ICIS)--Japanese chemical producer Sumitomo Chemical said on Tuesday it swung to a net profit of yen (Y) 904m ($12m) in its fiscal first quarter, swinging from a net loss recorded in the same period in the previous year.
The company’s Y9.75bn loss in the April-June 2011 quarter included a one-off Y29bn loss related to its investment in an affiliate, it said.
Its operating profit for the first three months ending 30 June 2012 declined 63% year on year to Y13.0bn, while net sales were down 2.4% to Y490.0bn, according to Sumitomo Chemical.
First quarter net sales in the petrochemicals segment rose 3.5% year on year to Y178.7bn, with higher shipments of synthetic resins by its overseas subsidiaries.
The segment’s operating profit, however, was nearly wiped out, shrinking 98% year on year to Y108m as feedstock prices spiked while selling prices of products fell, Sumitomo Chemical said.
($1 = Y78.17)
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