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Sumitomo Metal hikes dividend forecast after swing to profit in fiscal Q3'17

Sumitomo Metal Mining Co. Ltd. raised the forecast for its year-end dividend to ¥59 per share, from ¥40 per share previously, after swinging to a net profit in the third quarter and the first nine months of its fiscal 2017.

The company posted a net income attributable to shareholders of ¥29.9 billion in the third quarter, compared to a net loss of ¥36.1 billion in the year-ago third quarter.

Net sales in the quarter increased to ¥243.7 billion, from ¥198.0 billion a year ago. Operating income swelled to ¥33.7 billion, from ¥26.1 billion in the year-ago period.

For the nine months ended Dec. 31, 2017, the company posted net income of ¥64.98 billion, or ¥211.70 per share, swinging from a year-ago loss of ¥32.83 billion.

Net sales in the nine months jumped 21.5% year over year to ¥685.84 billion, and operating profit surged 63.4% to ¥78.43 billion.

Sumitomo Metal also revised the forecast for full-year profit to ¥85.00 billion, or ¥308.21 per share, from a previous forecast of ¥68 billion, or ¥246.56 per share. Net sales are now expected at ¥919.00 billion, compared to the previous forecast of ¥903.00 billion.

As of Feb. 7, US$1 was equivalent to ¥109.51.