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Sumitomo Chemical reports huge net loss

3:06 AM MDT | 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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