15 May 2013 09:29 [Source: ICIS news]
TOKYO (ICIS)--Sumitomo Chemical swung to a net loss of yen (Y) 51.1bn ($499m) for the year ending March 2013 from a profit of Y5.59bn in the previous corresponding period, partly on impairment charges and restructuring costs, the Japanese producer said on Wednesday.
Operating profit for the period fell by 26% year on year to Y45bn, while net sales barely increased to Y1,953bn.
The company’s basic chemicals segment incurred a loss of Y6.39bn for the full year, reversing a profit of Y9.35bn in the previous year, with sales falling 7% to Y278.6bn, Sumitomo Chemical said.
In the petrochemical and plastics segment, the company also posted a loss of Y3.23bn, reversing a profit of Y6.16bn, while net sales rose by 2.8% to Y698.7bn.
($1 = Y102.24)
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