Sumitomo Chemical predicts agric growth
Sumitomo Chemical has predicted increased growth for its agricultural chemicals division, which includes agrochemicals and feed additives, for the year ended March 31st 2009. Its latest revised forecast puts sales at ¥230,000 million ($2,170 million at current rate), compared with a previous estimate of ¥205,000 million ($1,930 million). The new figure would represent an increase of 14.8% on divisional sales in the 2007/08 financial year ( Agrow No 546, p 4). Operating profit is forecast to reach ¥25,000 million ($236 million), revised upwards from the earlier estimate of ¥16,500 million ($160 million). In the last financial year, agrochemicals accounted for 71% of divisional sales ( Agrow ibid).