12.05.2015, 16:24
Sumitomo Chemical: Announcement of Extraordinary Losses
OREANDA-NEWS. Sumitomo Chemical has posted extraordinary losses as stated below.
1. Impairment Loss as Extraordinary Loss
There is indication of impairment of a portion of fixed assets of the Company and its subsidiaries due to a serious deterioration in the business environment and other factors. After consideration of the recoverability of these fixed assets, the Company recorded an impairment loss of ¥28.1 billion as extraordinary loss for the fourth quarter of the fiscal year ended March 31, 2015.
2. Extraordinary Loss on an Unconsolidated Basis
On an unconsolidated basis, the Company posted a loss of ¥22.9 billion on a write-down of its investments in consolidated subsidiaries and affiliates for the fourth quarter of the fiscal year ended March 31 due to a substantial decline in the fair value of investments. The Company posted a loss of ¥9.1 billion to make provision against loss from the business of consolidated subsidiaries, after considering these subsidiaries’ financial conditions for the fourth quarter of the fiscal year ended March 31.
1. Impairment Loss as Extraordinary Loss
There is indication of impairment of a portion of fixed assets of the Company and its subsidiaries due to a serious deterioration in the business environment and other factors. After consideration of the recoverability of these fixed assets, the Company recorded an impairment loss of ¥28.1 billion as extraordinary loss for the fourth quarter of the fiscal year ended March 31, 2015.
2. Extraordinary Loss on an Unconsolidated Basis
On an unconsolidated basis, the Company posted a loss of ¥22.9 billion on a write-down of its investments in consolidated subsidiaries and affiliates for the fourth quarter of the fiscal year ended March 31 due to a substantial decline in the fair value of investments. The Company posted a loss of ¥9.1 billion to make provision against loss from the business of consolidated subsidiaries, after considering these subsidiaries’ financial conditions for the fourth quarter of the fiscal year ended March 31.
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