Sumitomo Chemical Sees Significant Loss Reduction, Net Loss of 6.5 Billion Yen!

Recently, Sumitomo Chemical Corporation announced that thanks to sales revenue growth of about 5%, the first half of the fiscal year 2024-2025 ended September 2024, the company recorded a net loss of 6.5 billion yen, compared with the net loss of 76.3 billion yen in the same period of fiscal year 2023-2024, the loss is significantly reduced.

In its statement, Sumitomo Chemical said that due to higher raw material costs, synthetic resins, methyl methacrylate (MMA) and a variety of industrial chemicals, the sales revenue in the first half of the fiscal year increased, from 1.19 trillion yen in the same period last year to 1.24 trillion yen, an increase of 4.6%. Operating losses in the company's main business areas, basic chemicals and plastics, narrowed sharply to 36.7 billion yen; Sales rose 3.3 percent from a year earlier to 403 billion yen. However, the deterioration in the financial condition of its 37.5%-owned subsidiary, Saudi Arabia's Rabig Refining and Petrochemical Company, negatively impacted overall earnings.