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Sumitomo Swings to Loss; Downgrades Earnings and Sales Projections

1:29 AM MDT | October 31, 2011 | Deepti Ramesh

Sumitomo Chemical recorded a net loss of ¥2.7 billion ($34 million) for the fiscal first half ended September 30, 2011 compared with a net profit of ¥2.5 billion in the year-ago period on sales up 1%, to ¥998.3 billion. The net loss was the result of “large extraordinary losses” recorded in the fiscal first-half, Sumitomo says. Sumitomo’s petrochemicals and plastics segment recorded a 7% increase in first-half sales, to ¥341 billion. The segment reported a 35% rise in operating profits, to ¥7.8 billion. Sales in Japan for...

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