Japan-based Sumitomo Metal Mining Co., Ltd. (Sumitomo Metals) has announced its consolidated financial results for the first quarter of FY 2010-11, ended on June 30, 2010.
Accordingly, in the first quarter of the financial year, Sumitomo Metals' net sales rose by 41.1 percent year on year from JPY 155.17 billion to JPY 219.01 billion ($2.57 billion), while it registered an operating income of JPY 29.41 billion ($345 million) compared to an operating income of JPY 10.72 billion in Q1 FY 2009-10, increasing 174.3 percent. Sumitomo Metals' net income for the period in question amounted to JPY 20.17 billion ($236.9 million), increasing 205.3 percent from JPY 6.6 billion in the corresponding period of the previous year.
In FY 2010-11, Sumitomo expects to increase its net sales by 28.5 percent year on year to JPY 419 billion and to increase its net income by 112.7 percent to JPY 36 billion.