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Sumitomo Metal Mining swings to ¥91.65B profit in FY'17

Sumitomo Metal Mining Co. Ltd. on May 10 reported an attributable net income of ¥91.65 billion in fiscal 2017, swinging from a year-ago net loss of ¥18.54 billion.

The company's net sales in the year ended March 31 jumped 18.7% to ¥933.52 billion in the full fiscal year, while operating profit surged 44.3% to ¥110.20 billion.

The result beats the company's revised full-year profit forecast of ¥85.00 billion and net sales guidance of ¥919.00 billion.

The company had ¥135.05 billion of cash and cash equivalents at the end of March 31, compared to ¥170.29 billion at the end fiscal 2016.

Sumitomo Metal Mining declared a year-end dividend of ¥6 per share, bringing the fiscal 2017 dividend to ¥11 per share.

For fiscal 2018, Sumitomo Metal Mining expects its profit attributable to reach ¥94 billion, or ¥342.07 per share, while net sales are seen coming in at ¥930 billion.

The Japanese firm reduced its fiscal 2018 CapEx by 15.5% over fiscal 2017 to about ¥63.0 billion.

As of May 10, US$1 was equivalent to ¥109.58.