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Caprolactam sales remain same at Sumitomo Chemical
Aug '08
Sumitomo Chemical reports consolidated financial results for the three months ended June 30, 2008. During the first quarter ended June 30, 2008, Japan's economy remained at a standstill, as corporate profit growth and capital investment slowed down against the backdrop of increasing prices for raw materials and concerns about a possible recession in the United States.

Under these circumstances, the Sumitomo Chemical Group posted sales of ¥496.3 billion for the first quarter, an increase of ¥57.1 billion over the same period the previous year. Operating income was ¥24.7 billion and ordinary income was ¥25.3 billion, both of which represent a decrease compared with the previous year. Net income was ¥15.1 billion, about the same level as last year.

The Company's first-quarter financial performance by segment is as follows. In the Basic Chemicals segment, sales of aluminum declined mainly because of lower selling prices due to a stronger yen, although overseas market prices were higher.

While market prices rose with an increase in feedstock prices, sales of caprolactam and other raw materials for synthetic fibers remained at the same level as the corresponding period the previous year because of the impact of the stronger yen. As a result, sales decreased by ¥1.6 billion compared with the previous year to ¥75.7 billion.

Operating income decreased by ¥2.7 billion to ¥1.6 billion, affected by higher feedstock prices. In the Petrochemicals & Plastics segment, sales of synthetic resins and petrochemical products such as propylene oxide increased because of the Company's selling price increases in Japan that reflected the rising prices for naphtha and other feedstocks, as well as higher market prices in Asia.

As a result, sales increased by ¥21.0 billion over the same period last year to ¥164.8 billion. However, operating income decreased by ¥3.0 billion to post a loss of ¥0.7 billion because the impact of rising feedstock prices exceeded the effects of rising market prices for products.

In the Agricultural Chemicals segment, sales of agricultural chemicals grew thanks to solid demand primarily in overseas markets. Sales of feed additives increased because of rising selling prices spurred by expanding global demand. Sales of Olyset Nets posted solid growth. As a result, sales increased by ¥7.1 billion over the same period the previous year to ¥54.2 billion. Operating income increased by ¥0.4 billion to ¥5.8 billion.

Sumitomo Chemicals Company Limited

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