Sumitomo Group Companies Report Mixed First Quarter Results

Several Japanese firms under the Sumitomo brand reported financial results for the first quarter of the fiscal year ending March 31, 2027. Sumitomo Mitsui Trust Group announced a 56.6% increase in net income attributable to owners of the parent, rising to 142.2 billion yen from 90.8 billion yen in the prior year. The company's ordinary profit surged 108.5% to 173.5 billion yen. Despite these gains, the group's shares fell 2.25% on the Tokyo Stock Exchange to 1,672 yen. The group forecasts a consolidated net income of 380 billion yen for the full fiscal year, a 19.7% increase.

Sumitomo Electric Industries reported a first-quarter revenue increase of 15.9% to 1.33 trillion yen, with quarterly earnings rising 89.1% to 66.41 billion yen and operating profit growing 61% to 97.06 billion yen. While the company projects full-year revenue to grow 5.7% to 5.4 trillion yen, it expects full-year earnings to decrease by 8% to 340 billion yen.

Additionally, Sumitomo Mitsui Financial Group was scheduled to release its quarterly results on July 31, with analysts forecasting revenue of 8.0639 billion dollars and earnings of 0.44 dollars per share.