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Sumitomo Metal posts 23% YOY drop in 9-month profit, outlines 21% decrease in FY

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Sumitomo Metal posts 23% YOY drop in 9-month profit, outlines 21% decrease in FY

Sumitomo Metal Mining Co. Ltd. booked attributable profit of ¥51.46 billion for the nine months ended Dec. 31, 2019, decreasing by 23% from the comparable 2018 period, as net sales decreased by 8.3% to ¥644.77 billion.

Diluted EPS for the nine-month period totaled ¥187.26, decreasing year over year from ¥243.34 year, according to a Feb. 7 statement.

The base metals-focused producer reported profits before tax of ¥67.47 billion for the period, a 22.2% decrease from the prior year's ¥86.70 billion.

For its fiscal year ending March 31, Sumitomo Metal Mining expects attributable income to fall 20.6% to ¥53.0 billion year on year with an EPS of ¥192.88, as profit before tax drops 22.8% to ¥69.0 billion.

In a separate same-day release, the company forecasts a full-year dividend of ¥68 per share, decreasing from its Nov. 8, 2019, estimate of ¥77 and the ¥73 for fiscal 2018.

As of Feb. 6, US$1 was equivalent to ¥109.93.