Japan's Sumitomo Chemical Q1 net profit surges to Y7.78bn

05 August 2013 09:26  [Source: ICIS news]

TOKYO (ICIS)--Japan’s Sumitomo Chemical reported on Monday a first-quarter net profit of yen (Y) 7.78bn ($79m), more than an eightfold increase from Y904m made in the previous corresponding period, partly on improved performance in the information technology (IT)-related chemicals segment.

Net sales in the three months to 30 June 2013 stood at Y515.5bn, up 5.2% year on year, while operating profit rose by 89% to Y24.6bn, the company said in a statement.

In the IT-related chemicals segment, net sales grew 22% year on year to Y86.1bn, while operating profit rose nearly nine folds to Y10.0bn from Y1.15bn.

This is primarily because sales of polarizing film for liquid crystal displays (LCDs) increased from a year earlier due to higher demand, Sumitomo Chemical said.

Net sales in the petrochemicals and plastics segment stood at Y 177.4bn, unchanged from the previous year, while operating profit soared to Y 2.11bn from Y108m.

($1 = Y98.94)

By: Tomomi Yokomura
+65 6780 4359

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