Bloomberg News

Sumitomo Reaches 88% of Profit Goal, Closest Among Japan Traders

February 02, 2012

Feb. 2 (Bloomberg) -- Sumitomo Corp., Japan’s third-largest trading house, achieved 88 percent of its annual profit target in the nine months of its fiscal year.

Net income rose 22 percent to 219.1 billion yen ($2.88 billion) in the period ended Dec. 31 from a year earlier, Tokyo- based Sumitomo said today.

Sumitomo was the closest of Japan’s six major trading houses to meet their annual profit target. Demand for resources in emerging markets and to rebuild Japan’s northeast after a record earthquake and tsunami last March bolstered profits for trading houses, which act as the main metals and energy suppliers for the nation.

Mitsubishi met 82 percent of its annual profit goal of 450 billion yen after reporting nine-month results on Jan. 31. Mitsui & Co., the second-largest trader, reached 79 percent of its 430 billion yen target, it said today. Itochu Corp. met 77 percent of its 280 billion yen target, while Marubeni Corp. reached 83 percent of a 170-billion-yen target today.

Sojitz, the smallest of Japan’s major traders, revised its profit target to a 12 billion yen loss on Dec. 9 after a change in the country’s corporate tax rate. Sojitz yesterday reported a 13.5 billion yen loss for the first nine months of fiscal 2011.

--Editors: Indranil Ghosh

To contact the reporters on this story: Yuriy Humber in Tokyo at yhumber@bloomberg.net; Ichiro Suzuki in Tokyo at isuzuki@bloomberg.net

To contact the editor responsible for this story: Rebecca Keenan at rkeenan5@bloomberg.net


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