Sumitomo Electric Industries shows improvement in first half results
November 9, 2011
Sumitomo Electric Industries Ltd (SEI), one of Japan’s leading industrial conglomerates, has reported some improvement in its results for the first half of its financial year 2011/2012 (April 1 – September 30).
The company stated that group sales in the first half totalled Yen 956,804 million ($12.312 billion) and were now only 3.5% behind those of the same period in 2010. It is an indication of Japan’s strong recovery after the devastation caused by the earthquake and tsunami, stated SEI. The company expects full year results to be on a par with those achieved in 2010.
The ‘Industrial Materials and Others’ segment of SEI, which includes special steel wires, PM parts, hardmetals (cemented carbides), and sales at A.L.M.T. (hardmetals and diamond tools), recovered in the first half and were 2.3% ahead of the same period in 2010 with sales of Yen 136,249 million ($1.754 billion).
PM part production was reported to be down 4.3% in the period at Yen 18,200 million ($234 million), but was still a significant improvement on the figures reported for the 1st quarter.
Hardmetal production was up 20% in the first half at Yen 34,700 million ($447 million), and sales at A.L.M.T. were up 14% at Yen 22,000 million ($283 million).
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