Petrochemical sales at Sumitomo Chemical up in H1 FY'13

The Group recorded operating income of ¥46.3 billion, ordinary income of ¥44.3 billion and net income of ¥12.5 billion, all showing year-on-year increases. Sumitomo Chemical decided to pay an interim dividend of ¥6 per share.

The Sumitomo Chemical Group’s financial results by business segment for the half-year were as follows.

Petrochemicals & Plastics

Market prices for synthetic resins and petrochemical products rose due to higher feedstock prices, but shipments from overseas subsidiaries declined on account of maintenance work at Petro Rabigh.

The correction of the yen’s appreciation had a positive effect on sales from overseas subsidiaries in yen terms. As a result, the segment’s sales increased by ¥25.7 billion from the same period of the previous fiscal year, to ¥368.9 billion, and operating income improved by ¥4.1 billion, to ¥3.9 billion.

IT-related Chemicals

Sales of polarizing film used in liquid crystal displays (LCDs) increased due to growth in

demand. Sales rose as a newly-built touchscreen panel facility in South Korea began full-fledged operations in the third quarter of the previous year.

As a result, including the positive effect of the correction of the yen’s appreciation, the segment’s sales increased by ¥37.7 billion compared with the same period of the previous fiscal year, to ¥181.8 billion, and operating income grew by ¥19.3 billion, to ¥21.7 billion.

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Sumitomo Chemical