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Sumitomo Chemical reports huge rise in profits

3:34 AM MDT | August 5, 2013 | Deepti Ramesh

Sumitomo Chemical reports a more than eightfold increase in net profits for the fiscal first quarter, ended 30 June, compared with the year-ago quarter, to ¥7.77 billion ($79 million). First-quarter sales increased 5.2%, to ¥515.5 billion. Sumitomo's basic chemicals segment reports a 0.3% rise in first-quarter sales compared with the year-ago period, to ¥66.8 billion. The segment reports an operating loss of ¥2.08 billion compared with an operating loss of ¥2.54 billion in the year-ago quarter. Market prices remained low for methyl...

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