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Sumitomo Chemical’s loss widens, downgrades earnings projections

3:54 AM MST | February 1, 2013 | Deepti Ramesh

Sumitomo Chemical recorded a net loss of ¥40.7 billion ($442 million) for its fiscal first 9 months, ended 31 December 2012, compared with a net loss of ¥11.3 billion in the year-ago period. Nine-month sales decreased 1.4%, to ¥1.4 trillion. Sumitomo’s petrochemicals and plastics segment recorded a 2.8% increase in 9-month sales, compared with the year-ago period, to ¥505.5 billion. The segment, however, reported an operating loss of ¥1.6 billion, compared with an operating profit of ¥6.2 billion in the year-ago period. Shipments...

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