Japan's Sumitomo Corp posts $33.89 bn revenue in 9M FY24, up 5% YoY

The profit before tax (PBT) rose by 4.4 per cent to ¥524,995 million (~$3,343.92 million), while the profit attributable to the owners of the parent company grew by 3.1 per cent to ¥416,464 million. The comprehensive income saw a decline of 28.9 per cent, Sumitomo Corporation said in a press release.

The cost of tangible products sold increased to ¥4,008,080 million (~$25,529 million), while the cost of services rose to ¥260,291 million (~$1,658 million), leading to a total cost of ¥4,268,371 million (~$27,187 million).

The gross profit for the period stood at ¥1,051,351 million (~$6,949.4 million). Selling, general, and administrative (SG&A) expenses grew to ¥747,958 million (~$4,764 million), while net other expenses amounted to ¥5,661 million (~$36 million).

The net profit for the period was ¥448,133 million (~$2,855 million). Profits attributable to owners of the parent company increased to ¥416,464 million (~$2,653 million), while non-controlling interests accounted for ¥31,669 million ($202 million).

The total comprehensive income for the 9M FY24 period dropped to ¥485,616 million (~$3,093 million), with ¥452,131 million (~$2,880 million) attributable to owners of the parent company. Earnings per share (EPS) increased to ¥343.54 (~$2.19) on a basic level and ¥343.31 (~$2.19) on a diluted basis in the first nine months of FY24.

Outlook

For the full fiscal, the company forecasts the profit attributable to the parent company's owners at ¥560,000 million (~$3.7 billion), an increase of 44.9 per cent, with an earnings per share projection of ¥462.24.

Fibre2Fashion News Desk (SG)