Sumitomo Metal Mining has increased its Q2 FY2021 (ended September 30, 2021) sales outlook to JPY566bn ($5.1bn), up 35pc from the prior year and up 8.4pc against the May forecast. The net increase in profit before taxes is estimated at JPY25.9bn for Q2 FY2021.
The company anticipates non-ferrous metal prices to trend at a level above what was previously estimated. Sumitomo also anticipates demand to remain strong in the auto and telecommunications industries despite the semiconductor shortages.
Sumitomo achieved net sales of JPY294.3bn in Q1 FY2021 (ended June 30, 2021), up 54.3pc against the same year-ago quarter. The company achieved a profit before tax of JPY59.9bn compared to JPY3.5bn in the same quarter under comparison.