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People & Business :: Earnings/Finance
Sumitomo Chemical reports huge net loss
May 15, 2013 | Deepti Ramesh
Sumitomo Chemical reports a net loss of ¥51 billion ($498 million) in the fiscal year ended 31 March compared with a net profit ¥5.58 billion in the previous fiscal year due to large extraordinary losses and an additional corporate tax adjustment with a reversal of deferred tax assets, Sumitomo says. Full-year sales increased 0.2%, to ¥1.95 trillion. The business environment for Sumitomo was very tough during the fiscal year because of a sharp decline in demand in Asia and other overseas markets as well as margin erosion and other factors, the company...
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