Japan's Sumitomo Corp net profit down 32% on Madagascar one-off loss [Reuters]
SUMITOMO CORP S/ADR (SSUMY)
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Source: Reuters
REUTERS/Kim Kyung-Hoon/File Photo TOKYO, May 2 (Reuters) - Japanese trading house Sumitomo Corp reported net profit for the fiscal year ended in March fell 31.7% from a year earlier to 386.4 billion yen ($2.5 billion), missing estimates, as it took a one-time loss on four businesses. A LSEG poll of analysts had forecast Sumitomo's net profit for the fiscal year at 504.9 billion yen. Sumitomo booked a total of 150 billion yen one-off losses on four problematic operations, including the Ambatovy nickel project in Madagascar, which wiped off nearly a half, or 89 billion yen, from its bottom line. "We will consider all possible options to decide the best future policy of the Ambatovy project for all stakeholders," CEO Shingo Ueno, who took office on April 1, told a briefing on Thursday. Asked whether an withdrawal was among the options, Ueno said Sumitomo's immediate priority is to bring back nickel production to normal levels by fixing glitches at the plant. "After that, we m
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