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Sumitomo Gross Profit Hits 470B Yen for 1HFY2011
 

Tokyo, Nov 8, 2011 (JCN) - Sumitomo Corp. has achieved a gross profit of 470.2 billion yen for the first half of its fiscal 2011 ended September 30, 2011, an increase of 44.4 billion yen from the same period last year.

"Profit for the period attributable to owners of the parent" was 151.5 billion yen, up 36% from the same period last year, while basic profit, which excludes special profit/loss and indicates after-tax actual earnings power, for the second quarter (July-September 2011) continued to be strong as in the prior quarter and remained at the 70 billion yen level.

Share of profit of investments accounted for using the equity method increased by 10.9 billion yen to 59.5 billion yen. Sumitomo's iron ore mining business in Brazil as well as copper businesses in the Americas showed strong performances, led by rise in sales prices.

By Chris Lui Staff Writer

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