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Sumitomo Records a Rise in Nine-Month Profits

12:31 AM MST | February 3, 2010 | Deepti Ramesh

Sumitomo Chemical recorded a 62% rise in net profits for the nine-months ended December 31, 2009, to about ¥1.2 billion ($13.5 million), compared with the year-ago period, mainly due to an improvement in foreign currency exchange losses and gains from the sale of investment securities. Quarterly profits were not disclosed. Sales for the nine months were down 21%, to ¥1.14 trillion. During the nine months, “the Japanese economy showed some signs of recovery, including a rebound in exports to Asia, but consumer spending remained sluggish amid...

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