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Sumitomo Cuts Earnings and Sales Forecasts; Adds PP Compounds in Asia, Mideast

8:46 AM MDT | April 7, 2008 | Ian Young and Deepti Ramesh

Sumitomo Chemical has revised its net profits projection for the fiscal year ended March 31, 2008 from ¥85 billion ($852 million), to ¥65 billion. The company also revised its operating profits forecast for the same period from ¥120 billion, to ¥100 billion and its sales forecast from ¥1.94 trillion, to ¥1.91 trillion. The reduction in Sumitomo’s operating profits forecast reflects “the higher costs of naphtha and other feedstocks that continued to rise as well as the steeply rising value of the yen, which have had a...

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