TOKYO -- Sumco's operating profit for 2016 likely plunged 50% on the year to 14 billion yen ($122 million), weighed down by a strong yen and lower prices, but it avoided a projected 58% earnings drop thanks to unexpectedly robust sales of silicon wafers.
Sales for the company, whose wafers are key semiconductor components, apparently fell about 10% to around 210 billion yen, topping its predicted 208.5 billion yen tally. The Japanese currency traded on average roughly 12 yen stronger on the year at around 109 to the dollar for the period, eating into yen-converted income.
