Sumitomo’s sales slip in first-quarter
Sumitomo Chemical suffered mixed results in its agrochemical business for its first quarter ended June 30th 2012. While overseas herbicide sales remained strong, crop protection sales declined in the domestic market. In addition, lower demand led to reduced sales of Olyset insecticide-impregnated mosquito nets. As a result, sales of the company’s Health and Crop Sciences division, which also includes feed additives, fertilisers, and pharmaceutical manufacturing, fell by 6.1% to ¥67,153 million ($858 million at the current rate). Operating income for the division fell 19.5% to ¥6,499 million ($83 million). Agrochemicals accounted for 52% of the division’s annual sales in 2011/12 ( Agrow No 643, p 5).