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The latest update is out from Sumitomo Metal Mining Co ( (JP:5713) ).
Sumitomo Metal Mining Co., Ltd. has revised its consolidated operating results forecast for FY2024 and recorded a significant impairment loss due to declining nickel and cobalt prices, increased production costs, and reduced ore quality at its Coral Bay Nickel Corporation subsidiary. Consequently, the profit forecast has been substantially lowered, reflecting these challenges. Additionally, the company announced changes to its dividend forecast, increasing the year-end dividend payout due to its commitment to maintaining a payout ratio above 35%. This adjustment highlights the company’s strategy to mitigate financial impacts and provide shareholder value despite operational challenges.
More about Sumitomo Metal Mining Co
Sumitomo Metal Mining Co., Ltd. operates in the metal mining and smelting industry, focusing primarily on the production and processing of metals such as nickel and cobalt. The company is involved in various stages of metal production, from mining to refining, and has a significant presence in the global market for these materials.
YTD Price Performance: 6.39%
Average Trading Volume: 2,333
Technical Sentiment Consensus Rating: Buy
Current Market Cap: $6.49B
For an in-depth examination of 5713 stock, go to TipRanks’ Stock Analysis page.
