Japan’s Sumitomo Chem swings to yr-to-Mar loss on one-off charges

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)

By: Tomomi Yokomura
+65 6780 4359

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