Sumitomo posts sales of JPY 1,391.0 bln for 9 months ended December 31, 2007

Japan's Sumitomo Chemical Company, Ltd., has announced results for the nine months ended December 31, 2007. The Group posted sales of JPY 1,391.0 bln, an increase of JPY 94.8 bln over the previous year. Operating income (JPY 75.9 bln), ordinary income (JPY 85.5 bln), and net income (JPY 40.5 bln) have all shown a decrease against year ago figures due to increased raw materials costs as well as increased fixed costs such as depreciation costs and R&D expenditures. In the Petrochemicals & Plastics segment, sales of synthetic resins increased as a result of domestic selling price increases taken in response to the rising prices of feedstock such as naphtha. Sales of petrochemical products also increased with higher market prices reflecting high feedstock costs. Sales increased JPY 43.1 bln over the same period last year to JPY 440.9 bln, while operating income decreased by JPY 13.2 bln to JPY 4.3 bln, showing the effects of rising prices for raw materials exceeding selling price increases as well as a large scale periodical maintenance shutdown of manufacturing plants occurring once in four years.
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