Sumitomo Corporation reported the consolidated financial results of its Media & Digital business unit for FY 2021-2022 (year ended 31 Mar 2022), said the company.
Media & Digital business unit posted profit of Yen 39.4 bn, a decrease of Yen 4.9 bn compared to profit of Yen 44.3 bn in FY 2020-2021.
This is due mainly to decrease in earnings for overseas telecommunication business, while major domestic group companies had shown stable performance.
As per MRC, Sumitomo Chemical announced its decision to close down its production facilities for caprolactam, a raw material for nylon, at its Ehime Works (Niihama city, Ehime, Japan) in October 2022, and exit the business. Sumitomo Chemical started production of caprolactam at its Ehime Works in 1965, employing a liquid-phase process, and has since been engaged in the business for more than 50 years.
Also, Sumitomo Corporation has commenced sales of the industrial park developed in a special economic zone in Narayanganj District, Dhaka Division, Bangladesh together with Bangladesh Economic Zones Authority.
Sumitomo Corporation has taken part in the business of development, sales and operation of industrial parks in Indonesia, the Philippines, Vietnam, Myanmar and India. As of February 2022, the 7 industrial parks have invited 563 tenant companies with 220,000 direct employment. This year marks the 50th anniversary of diplomatic relations between Bangladesh and Japan. Sumitomo Corporation will utilize its know-how obtained through industrial park business operations in other countries to support tenant companies and contribute to the diversification of the industrial sector and encouraging job creation in Bangladesh.
mrchub.com