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Sumitomo Chemical swings to profit

6:47 AM MDT | November 1, 2013 | Deepti Ramesh

Sumitomo Chemical reports a net profit of ¥12.5 billion ($127 million) for the fiscal first half, ended 30 September, compared with a net loss of ¥13.1 billion in the year-ago period. First-half sales increased 9.3%, to ¥1.05 trillion. Sumitomo's basic chemicals segment reports a 3% rise in first-half sales compared with the year-ago period, to ¥136.9 billion. The segment reports an operating loss of ¥4.79 billion compared with an operating loss of ¥2.58 billion in the year-ago period. Market prices and sales remained low for methyl...

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