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Sumitomo ( (JP:8053) ) has issued an update.
Sumitomo Corporation has announced an expected loss in its non-consolidated financial results for the fiscal year ending March 31, 2025, due to a guarantee obligation related to its subsidiary Summit Ambatovy Mineral Resources Investment B.V. The debt restructuring of the Project Companies in the UK led to a reduction in loan receivables, causing a financial loss of approximately 50 billion yen, which will be reflected as non-operating expenses. However, this loss will not impact the consolidated financial results, as it will be eliminated in the consolidated statements.
More about Sumitomo
Sumitomo Corporation operates in the global trading and business investment industry, with a focus on diverse sectors including metal and mineral resources, transportation, and infrastructure. The company is involved in various projects worldwide, including significant investments in nickel mining and refining through its subsidiaries.
YTD Price Performance: 1.61%
Average Trading Volume: 6,165
Technical Sentiment Consensus Rating: Sell
Current Market Cap: $26.14B
Learn more about 8053 stock on TipRanks’ Stock Analysis page.
