Sumitomo Chemical's Shares Fall After Company Projects Wider Loss [MarketWatch]
SUMITOMO CHEM UNSP/ADR (SOMMY)
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Source: MarketWatch
weaker drug sales in North America and a worsening outlook for its petrochemical joint venture with Saudi Aramco. Shares were recently 8.2% lower at 305.3 yen after falling as much as 11% earlier Monday morning. Advertisement Sumitomo Chemical said Friday after the market closed that it expected to book a net loss of 245.00 billion yen ($1.65 billion) for the fiscal year ending March. That compares with its previous forecast of a net loss of Y95.00 billion and a net profit of Y6.99 billion the previous fiscal year. The company said sales of several drugs in North America would be lower than previously expected, including sales of prostate cancer medicine Orgovyx. The earnings outlook for Rabigh Refining & Petrochemical, Sumitomo Chemical's joint venture with Saudi Arabian Oil, is expected to deteriorate due to a drop in demand and a worsening of margins caused by the global economic downturn. For the nine months ended Dec. 31, Sumitomo Chemical booked a net loss of Y109.78
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