Sumitomo Chemical reports consolidated financial results for the three months ended June 30, 2020

For the first quarter ended on June 30, 2020, the Sumitomo Chemical Group reported consolidated sales revenue of ¥500.2 billion, decrease of ¥53 billion year on year, core operating income* of ¥20.2 billion, operating income of ¥18.8 billion, and loss attributable to owners of the parent of ¥6.8 billion; all lower than the results from the same period of the previous year.

Health & Crop Sciences

Sales of crop protection products increased after the acquisition of four South American subsidiaries of Nufarm in April 2020. Market prices of methionine (feed additive) increased from the same period of the previous year. As a result, sales revenue increased by ¥16.9 billion from the same period of the previous year to ¥88.9 billion. Core operating income recovered from a year earlier loss to ¥3.8 billion, increase of ¥8.4 billion from the same period of the previous year due to the improved margins of methionine and other factors.

*: Core operating income is a gain and loss concept, reflecting recurring earning capacity, and deducts gains and losses incurred by non-recurring factors from operating income. It includes the share of profit of investments accounted for using the equity method.

US$1 ≈ ¥105.69