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Sumitomo Records Rise in Profits and Sales and Asahi Kasei Posts Huge Rise in Earnings

12:43 AM MDT | May 11, 2011 | Deepti Ramesh

Sumitomo Chemical recorded a 66% rise in net profits for the fiscal year ended March 31, 2011, compared with the previous fiscal year, to ¥24.4 billion ($302 million). Sales increased 22%, to ¥1.98 trillion. During the fiscal year, the business conditions for Sumitomo improved modestly, due to an increase in sales of IT-related products, mainly as a result of growth in emerging countries, and an improvement in profit margins in basic chemical and petrochemical products, Sumitomo says. The earthquake that struck Japan on March 11 caused a major disruption...

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