Sumitomo ahead on agchem exports for Q3
Sumitomo Chemical maintained good herbicide sales in overseas markets for the third quarter ended December 31st 2011. This, together with higher feed additive sales, boosted the performance of the company’s Health and Crop Sciences division and offset the adverse impact of a strong yen. Divisional sales for the nine-month period amounted to ¥190,819 million ($2,490 million at the current rate), up by 6.6% on the previous year. Operating income rose by 7.1% to ¥17,479 million ($228 million). In the previous fiscal year, agrochemicals accounted for around 53% of divisional sales. During the quarter, Sumitomo merged its three Indian subsidiaries into one, Sumitomo Chemical India ( Agrow No 631, p 2), and acquired LG Life Sciences’ ethaboxam fungicide business ( Agrow No 630, p 3).