Sumitomo Swings to Profit but Sales Fall; Downgrades Projections

Sumitomo Chemical recorded a net profit of ¥904 million ($11.5 million) for its fiscal first quarter, ended June 30, 2012, compared with a net loss of ¥9.75 billion in the corresponding period of the previous fiscal year. Sales decreased by 2.3%, however, to ¥489.9 billion. Sumitomo’s petrochemicals and plastics segment recorded a 4.4% increase in first-quarter sales, to ¥177.47 billion, compared with the year-ago period. While market prices of synthetic resins fell, their sales at overseas subsidiaries increased, Sumitomo says. The...

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