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Sumitomo Chemical Co Ltd Lowers Full-year Consolidated Outlook and Cancels Year-end Dividend Payment for FY 2013

Friday, 1 Feb 2013 01:00am EST 

Sumitomo Chemical Co Ltd announced that it has lowered its full-year consolidated outlook for revenue from JPY 2,020,000 million to JPY 1,970,000 million, operating profit from JPY 65,000 million to JPY 50,000 million, ordinary profit from JPY 62,000 million to JPY 45,000 million, net profit (loss) from JPY 10,000 million to JPY (50,000 million), and earnings (loss) per share from JPY 6.12 to JPY (30.59), for the fiscal year ending March 31, 2013. The Company lowered its full-year consolidated outlook mainly due to the decrease in demands in petrochemical area and extraordinary losses caused by impairment loss on fixed assets. According to I/B/E/S Estimates, analysts on average are expecting the Company to report its full-year consolidated outlook for revenue of JPY 1,978,640 million, operating profit of JPY 59,650 million and net profit of JPY 7,410 million, for the same fiscal year. The Company also has canceled its year-end dividend payment, which was announced as an undetermined value on October 31, 2012, for the same fiscal year. 

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