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Sumitomo Upgrades Earnings Forecast

11:43 PM MDT | April 26, 2010 | Deepti Ramesh

Sumitomo Chemical has upgraded its earnings forecast for the fiscal year ending March 31, 2010. Sumitomo expects to record net profits of ¥15 billion ($160 million), having previously forecast net profits of ¥10 billion. The sales forecast remains unchanged at ¥1.62 trillion. The company expects to record an annual operating profit of ¥50 billion, compared with its prior estimate of ¥35 billion. The earlier forecasts were announced in October 2009. “In addition to better than expected market prices for products in the company’s...

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