SOMMF - Sumitomo Chemical Company, Limited (SOMMY) Q3 2025 Earnings Call Transcript

2025-02-03 11:41:03 ET

Sumitomo Chemical Company, Limited (SOMMY)

Q3 2025 Results Conference Call

February 03, 2025 03:00 AM ET

Company Participants

Keigo Sasaki - Managing Executive Officer

Conference Call Participants

Takato Watabe - Morgan Stanley MUFG Securities

Makio Yamada - Mizuho Securities

Go Miyamoto - SMBC Nikko Securities

Presentation

Operator

As it is time to start, we will now begin the Conference Call for the Presentation of the Financial Results for Fiscal Year 2024 Third Quarter. Thank you very much for your participation. Today, Mr. Sasaki, Managing Executive Officer, will give a briefing on the financial results for FY 2024 third quarter. Later, he will be joined by Mr. Yamauchi, Executive Officer and General Manager of Accounting Department, to take questions. We plan to conclude the call at 5:50.

Now Mr. Sasaki, over to you.

Keigo Sasaki

Thank you. I'm Sasaki from Sumitomo Chemical. Thank you very much for attending our conference call despite your busy schedule. I'd like to thank the investors and analysts for your daily understanding and support to our management. I'd like to thank you all for that.

Let me start with a briefing of our financial results for FY 2024 third quarter. Please turn to Slide -- Page 4. Before going to the details of our financial results, I'd like to summarize some major points that I'd like you to be aware of about the third quarter. Driven by favorable performance of Sumitomo Pharma and ICT & Mobility, core operating income for the third quarter improved significantly from -- and profit is increasing quarter after quarter. In the same period of the previous year, there was a loss of JPY113.9 billion, but now there is a profit of JPY60.1 billion.

Gain on the sale of unprofitable and noncore businesses, which has been promoted as immediate-term concentrated measures to improve business performance, amounted to about 1/4 of core operating income for third quarter of FY 2024. Net income attributable to owners of the parent for the quarter was positive even with a temporary loss of JPY23.8 billion related to the loan to Petro Rabigh.

Overall, we are on track to achieve our goal of a V-shaped recovery in performance in FY 2024....

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