Japan-based Sumitomo Corporation has announced that its April-to-June 2007 quarter profit declined by 3.2 percent year on year due to losses arising from metals transactions.
The company announced that its net income declined to Yen 51.4 billion ($434 million) from Yen 53.1 billion ($447 million) in April-to-June period of 2006, whereas its sales rose by 11 percent to Yen 2.75 trillion ($2.3 billion) in the said quarter.