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Sumitomo Chemical’s loss widens, downgrades earnings projections

4:05 AM MDT | October 31, 2012 | Deepti Ramesh

Sumitomo Chemical recorded a net loss of ¥13.1 billion ($164 million) for its fiscal first half, ended 30 September 2012, compared with a net loss of ¥2.7 billion in the year-ago period. First-half sales decreased 3.7%, to ¥961.4 billion. Sumitomo’s petrochemicals and plastics segment recorded a 0.6% increase in first-half sales, compared with the year-ago period, to ¥343.2 billion. The segment, however, reported an operating loss of ¥218 million, compared with an operating profit of ¥7.8 billion in the year-ago period. Shipments...

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