Sumitomo buoyant on agchem sales
Increased agrochemical sales in the six months ended September 30th 2013 have contributed to Sumitomo Chemical's 31% upward revision to its corporate operating profit forecast for the full year. Interim agrochemical figures are not given, but the company reports good results for herbicides and other products in overseas markets, due to higher sales and increased production capacity. Sales of the health and crop sciences division rose by 16.5% to ¥139,502 million ($1,419 million at the current rate), despite a drop in feed additive sales. Divisional operating profit was up 49.8% to ¥11,574 million ($118 million). Agrochemicals accounted for 59.5% of divisional sales in the year to March 31st 2013 (Agrow No 668, p 4).