Q1 2025 Sumitomo Chemical Co Ltd Earnings Call Transcript
Key Points
- Sumitomo Chemical Co Ltd (SOMMF) returned to profitability for the first time in six quarters, with a core operating income of JPY5.7 billion.
- Net income attributable to owners of the parent was JPY24.4 billion, a significant improvement from the loss of JPY33.2 billion in the same period of the previous year.
- All business segments reported year-on-year increases in profit, indicating a broad-based recovery.
- IT-related chemicals achieved a record-high core operating income of JPY18.5 billion, driven by strong shipments of display materials and semiconductor-related materials.
- The company successfully reduced SG&A and R&D expenses by JPY28 billion in the first quarter, contributing to improved profitability.
- Petro Rabigh's results included a significant loss of approximately JPY20 billion, impacting overall profitability.
- The essential chemicals segment faced challenges, particularly with polypropylene due to increased production capacity in China and stagnant demand.
- Despite improvements, the pharmaceuticals segment still reported a core operating income of minus JPY0.5 billion.
- The first quarter saw a decline in automobile production volume, affecting related business areas.
- The company is still facing competitive pressures in South America, particularly in the crop protection chemicals market, which impacted pricing.
It is time to start. We will now begin the conference call for the presentation of our financial results for the first quarter of fiscal-year 2024. Thank you very much for your participation. Today Mr. Sasaki, Managing Executive Officer, will give a briefing on our financial results for first quarter of fiscal-year 2024. Later, he will be joined by Mr. Yamauchi, Executive Officer and General Manager of Accounting Department to take questions. We plan to conclude the call at 5:50 PM.
Mr. Sasaki, over to you.
Thank you. Iâm Sasaki from Sumitomo Chemical. Thank you very much for attending our conference call despite your very busy schedule. Iâd like to thank the investors and analysts for your daily understanding and support to our management. Thank you very much for that.
Now, let me start with the explanation of our financial results for first quarter of fiscal-year 2024. Please turn to slide page 4. This page shows a summary. The core operating income in first quarter was a
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