01 February 2013 08:34 [Source: ICIS news]
TOKYO (ICIS)--Japanese chemical producer Sumitomo Chemical’s net loss has widened year on year to yen (Y) 40.7bn ($445m) during the nine months to 31 December 2012, because an additional amount was recorded as a corporate tax adjustment, the company said on Friday.
The producer previously posted a net loss of Y11.3bn in the nine months to 31 December 2011.
Its operating profit from January-December 2012 fell by 37% year on year to Y36.8bn, while net sales declined by 1.5% to Y1,422.3bn.
The petrochemicals and plastics segment posted an operating loss of Y1.66bn, swinging from a profit of Y6.28bn a year earlier, while its net sales rose by 2.4% to Y509.1bn from the year before.
In the petrochemicals and plastics segments, shipments of products from a sales subsidiary increased from the previous year because the previous year’s level of shipments was low due to scheduled maintenance shutdowns at the plants of Petro Rabigh, Sumitomo Chemical’s joint venture, the producer said.
On the other hand, sales of petrochemical products and synthetic resins decreased in Singapore and Japan due to lower market prices overseas and a decline in demand at home and abroad, Sumitomo Chemical added.
($1 = Y91.37)
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