Sumitomo Chemical turned from profit to loss

Recently, Sumitomo Chemical reported that for the first nine fiscal months ended December 31, 2020, the company's net profit fell 41% year-on-year to 21.94 billion yen. Sales fell 8.1 billion yen to 1.64 trillion yen. The company has not separately disclosed financial data for the third fiscal quarter, but the company said that in the first nine months, the company's operating profit fell 9% year-on-year to 116.64 billion yen.

Sumitomo Chemical said that in the first nine months of its petrochemical and plastics business, shipments of synthetic resins mainly used for automotive applications declined year-on-year. Sales decreased by 109.9 billion yen from the same period last year to 408.4 billion yen, and core operating income decreased by 27.9 billion yen, a year-on-year decrease of 55.2 billion yen. Operating losses were mainly due to reduced shipments, deterioration in petrochemical profit margins, and regular maintenance shutdowns at Rabigh Refining & Chemicals, a joint venture with Saudi Aramco. In the energy and functional materials business, its automotive material shipments declined, resulting in a year-on-year decline of 15.3 billion yen to 175.4 billion yen. Core operating income fell 2.1 billion yen year-on-year to 15.6 billion yen. The sales of Sumitomo's pharmaceutical business increased by 35.3 billion yen year-on-year to 417.5 billion yen, mainly driven by sales growth in Japan and North America. Core operating income increased by 7.2 billion yen year-on-year to 74.7 billion yen.

The company said that due to growing demand, electronic chemicals shipments of semiconductor processing materials (including high-purity chemicals and photoresist) have increased, and shipments of display application materials have also increased due to home and remote office needs. Increase and increase. Sales increased by 19.3 billion yen year-on-year to 324.3 billion yen, and core operating income increased by 13.2 billion yen year-on-year to 31.8 billion yen.