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Sumitomo Chemical Turns to Profit in Fiscal Q1

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Sumitomo Chemical (TYO:4005) posted a year-over-year increase in net income attributable to owners of the parent to 40.8 billion yen for the first quarter ended June 30 from a loss of 4.52 billion yen.

The Japanese chemical conglomerate's basic earnings per share came in at 24.70 yen, versus a loss per share of 2.76 yen a year ago, according to a Tokyo Stock Exchange filing on Tuesday.

Sales revenue jumped 9.9% to 578.2 billion yen from 526.1 billion yen in the year-ago period.

For the fiscal year ending March 31, 2027, the company forecasts an attributable profit of 70 billion yen, earnings per share of 42.40 yen, and sales revenue of 2.360 trillion yen.

The company plans to pay a second-quarter and a year-end dividend of 8 yen per share each for the current fiscal year.

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