Sumitomo sees first annual loss in 16 years on further writedowns
TOKYO, March 25 (Reuters) - Sumitomo Corp on Wednesday said it now expects its first annual loss in 16 years due to additional impairment losses on a U.S. shale oil project and on a Brazilian iron ore project.
The Japanese trading house now expects a net loss of 85 billion yen ($711 million) for the year ending March 31, instead a 10 billion yen profit previously estimated.
Sumitomo said it expects to bounce back in the next fiscal year. It forecast 230 billion yen in net profit for the year starting April 1, according to its midterm business plan issued the same day. ($1 = 119.6100 yen) (Reporting by Yuka Obayashi; Writing by Chris Gallagher)
© Thomson Reuters 2016 All rights reserved.