Sumitomo Chemical Company Limited has announced that its consolidated net sales for the six months ended September 30, 2006 totaled JPY 854.6 billion ($7,249 million), an increase of 24.1% over the first half of FY2005. Interim net income increased 35.4% to JPY 53.3 billion ($452 million). Each of these interim results is a record high for the Company.
Sales in the Basic Chemicals segment increased by JPY 32.6 billion over the same period last year to JPY 149.5 billion. The increase was due to a substantial increase in sales of aluminum on the back of improved market conditions as well as increased sales of caprolactam, the raw material for synthetic textile fibers, and methyl methacrylate (MMA) because of production capacity expansions.
The Petrochemicals & Plastics segment saw a sales rise by JPY 30.7 billion over the same period last year to JPY 260.4 billion, bolstered by firm sales of synthetic resins both in Japan and overseas.
Sales of styrene monomer, propylene oxide, and other petrochemical products also increased on the back of favorable market conditions that supported price increases taken in response to the rising prices of feedstocks such as naphtha.
Sales in the Fine Chemicals segment increased by JPY 9.9 billion year on year to JPY 47.1 billion. The increases were due to favorable sales of adhesives raw materials driven by firm demand as well as increased sales of pharmaceutical chemicals thanks to an increase in shipments of new pharmaceutical intermediates.
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