Sumitomo Electric 1st quarter result reflects earthquake disruption
August 8, 2011
Sumitomo Electric Industries Ltd, (SEI), one of Japan’s leading industrial conglomerates with interests in Powder Metallurgy, has reported its 1st quarter (April-June 2011) results for fiscal 2011/2012, which reflect the severe disruption caused by the earthquake and tsunami in north east Japan in mid-March 2011.
The group as a whole showed an 8.5% decline in sales in the quarter to Yen 441,597 million ($5,672 million) and an 88% decline in operating income to Yen 2,432 million ($31,258 million). The company is forecasting that the second quarter (July-September) will remain weak, but that it expects total net sales for the whole fiscal year in 2011 to reach Yen 2,000,000 million ($25,706 million ) down 2.5% on fiscal year 2010.
The ‘Industrial Materials and Others’ segment of the company, which includes special steel wires, PM parts, hardmetals, and sales at A.L.M.T. (hardmetals and diamond tools), was less severely affected in the quarter with sales up 2.5% to Yen 65,600 million ($843.2 million), although PM part sales declined by 14.5% in the period to Yen 8,300 million ($106.7 million).
Hardmetal production saw increased sales of 25.5% to Yen 17,700 million ($227.5 million ) and sales at A.L.M.T. were up by 17.5% to Yen 11,400 million ($146.5 million).
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