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Sumitomo Chemical reports huge rise in profits

5:43 AM MDT | July 31, 2014 | Deepti Ramesh

Sumitomo Chemical reports an 80.7% rise in net profits for its fiscal first quarter, ended 30 June, compared with the year-ago quarter, to ¥14.05 billion ($137 million). First-quarter sales increased 8%, to ¥556.8 billion. Sumitomo's basic chemicals segment reports a 10% rise in first-quarter sales compared with the year-ago period, to ¥73.54 billion. The segment reports an operating loss of ¥3.29 billion compared with a loss of ¥2.08 billion in the year-ago quarter mainly due to higher feedstock prices, the company says. Market prices...

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