Japan’s Sumitomo Chemical expects consolidated final profit and loss in fiscal 2023 (ending March 2024) to post a final loss for the first time in 11 years

Japan’s Sumitomo Chemical expects a consolidated final profit and loss of 95 billion yen in fiscal 2023 (ending March 2024). It will be the first final loss in 11 years since fiscal 2012. Looking at the period since 2000, the loss has reached the highest level in history. Sumitomo Chemical President Keiichi Iwata said, “This is the biggest crisis since its founding.” He revealed that in view of the severe performance, the company will suspend director bonuses until March 2024. President Iwata and Chairman Tokura Masakazu will also voluntarily return 10% of the monthly basic director remuneration within five months.