Sumitomo Swings to Loss; Downgrades Earnings Projection

Sumitomo Chemical recorded a net loss of ¥9.8 billion ($126 million) for its fiscal first quarter ended June 30, 2011, compared with a net profit of ¥18 billion in the corresponding period of the previous fiscal year. Sales increased 2%, to ¥502 billion. The net loss in the quarter was the result of “an extraordinary loss of ¥29 billion from a one-time amortization of goodwill related to an investment in an affiliate, the fair value of which has significantly declined,” Sumitomo says. Sumitomo’s petrochemicals and plastics...

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