Sumitomo Corporation Announces Quarterly Financial Results
OREANDA-NEWS. Sumitomo Corporation announced its consolidated results for the three-month period ended June 30, 2013, prepared on the basis of International Financial Reporting Standards (IFRS).
1. Financial Highlights
- “Profit for the period attributable to owners of the parent” totaled 60.9 billion yen, representing an increase of 12.1 billion yen from the same period of the previous year. Core businesses in non-mineral resources, such as tubular products business in North America, automobile financing business in Asia and our group companies in leasing business, and media business in Japan generally achieved a robust performance. Profits of some businesses, such as banana business, recovered from a slowdown in the previous year, in spite of a decrease in profits in mineral resources businesses resulting from declines in commodity prices.
- With regard to “Free cash flow”, net cash used totaled 24.2 billion yen. In this period, we made investments in new retail facilities and existing mineral resources projects while core businesses performed well in generating cash. “Total assets” stood at 7,999.6 billion yen at the period-end, up by 166.9 billion yen, due primarily to the yen’s depreciation and new investments.
2. Consolidated Income
“Gross profit” totaled 217.1 billion yen, representing an increase of 13.4 billion yen from the same period of the previous year. This was due mainly to the robust performance of tubular products business in North America and automobile financing business in Asia, in addition to the positive impact of the yen’s depreciation, in spite of the fact that mineral resources businesses such as San Cristobal silver-zinc-lead mining project in Bolivia and coal-mining projects in Australia suffered decreases in profits resulting from declines in commodity prices.