Sumitomo agchems higher in Q3
Increased sales of agrochemicals boosted revenues for Sumitomo Chemical's health and crop sciences division by 21.7% to ¥207,200 million ($2,034.7 million at the current rate) in the three months to December 31st 2013. Operating income grew by 63.3% to ¥14,700 million ($144.4 million) in the third quarter of its fiscal 2014. The company saw increased shipments of herbicides and other products in overseas markets due to higher production capacity and demand. The correction of the yen's appreciation had a positive effect on sales from overseas subsidiaries in yen terms, Sumitomo points out. Agrochemicals accounted for 59.5% of the health and crop sciences division's revenues in the year to March 31st 2013 (Agrow No 668, p 4).