Strong yen hampers Sumitomo’s first-quarter sales
The strong yen reduced the value of Sumitomo Chemical’s agrochemical sales in overseas markets in its first quarter ended June 30th 2011. Nevertheless, overseas herbicide sales remained strong, the company says. Total sales of Sumitomo’s new health and crop sciences division, which includes feed additives, fertilisers and pharmaceutical chemicals ( Agrow No 618, p 4), rose by 14.1% to ¥71,503 million ($922 million), while operating income was up 17.4% to ¥8,076 million. In the previous fiscal year, agrochemical sales accounted for around 53% of the division. The company predicts growth in overseas agrochemical sales for the second quarter.