Japan's Sumitomo Chemical posts Y13.1bn in net loss for Apr-Sept

31 October 2012 08:30  [Source: ICIS news]

TOKYO (ICIS)--Japanese chemical producer Sumitomo Chemical posted on Wednesday a net loss of yen (Y) 13.1bn ($164.5m) in the six months to 30 September 2012, partly because of operating losses in some segments.

The company had recorded a net loss of Y2.71bn in the corresponding period a year earlier, the company said in a statement.

Net sales for April-September 2012 was down by 3.7% year on year to Y961.4bn, while operating profit declined by 55% to Y24.5bn.

In the basic chemicals segment, sales was down by 13% to Y139.6bn from the same period in the previous year, while the segment reported an operating loss of Y2.59bn, swinging from an operating profit of Y12.5bn the year before, Sumitomo Chemical said.

This was partly because market prices of methl methacrylate (MMA) and feedstocks for synthetic fibres decreased from a year earlier, and shipments of these products also declined, Sumitomo Chemical said.

($1 = Y79.61)

By: Tomomi Yokomura
+65 6780 4359

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