Sumitomo Forestry : Announcement of Amendment to Forecast Financial Results
August 08, 2023 at 05:04 am EDT
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August 8, 2023
For Immediate Release
Name of Company: Sumitomo Forestry Co., Ltd. (Stock code: 1911 Prime Market, Tokyo Stock Exchange)
Representative: Toshiro Mitsuyoshi, President & Representative Director
Inquiries: Toshihiro Horii, General Manager, Corporate Communications Dept. (Tel: +81-3-3214-2270)
Announcement of Amendment to Forecast of Financial Results
In light of recent performance of Sumitomo Forestry Co., Ltd. (hereinafter "Sumitomo Forestry"), the forecasts of financial results announced on April 27, 2023 are hereby amended as follows:
1. Amendment to Forecast of Financial Results
Amendment to forecast of consolidated financial results for the fiscal year ending December 31, 2023 (January 1, 2023 through December 31, 2023)
(millions of yen)
Profit for
Operating
Recurring
the year
Net income
Net sales
attributable to
per share
income
income
owners of
(yen)
the parent
Previously announced forecast (A)
1,598,000
101,500
120,000
77,000
385.33
Amended forecast (B)
1,726,000
130,500
150,000
92,000
449.84
Amount of increase / decrease (B-A)
+128,000
+29,000
+30,000
+15,000
-
Rate of increase / decrease (%)
+8.0%
+28.6%
+25.0%
+19.5%
-
(Reference) Actual results for the
previous fiscal year
1,669,707
158,253
194,994
108,672
543.80
(year ended December 2022)
2. Reasons for Amendment to Forecast of Financial Results
In terms of consolidated earnings forecasts, net sales, operating income, recurring income, and profit for the year attributable to owners of the parent are expected to exceed the previous announcement, mainly due to growth in number of units sold, sales unit price and profit margin for single family homes in the U.S. in Global Housing, Construction and Real Estate Business compared with the forecast of the last announcement.
(Note) Statements regarding forecast of financial results contained in this document are based on information currently available to the Company and certain assumptions that the Company considers to be reasonable, and do not represent a commitment by the Company that they will be achieved. Actual results may differ significantly due to various factors.
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Sumitomo Forestry Co. Ltd. published this content on 08 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 August 2023 09:03:05 UTC.
Sumitomo Forestry Co., Ltd. is a Japan-based company mainly engaged in the forestry business. The Company operates in three business segments. The Timber and Building Material segment purchases, manufactures, processes and sells lumber products and building materials. The Housing segment constructs, sells, maintains and renovates detached houses, apartment and condominiums, operates exterior, landscape and greening works. The overseas segment is engaged in the purchase, manufacture and sales of lumber products and building materials overseas, as well as the contracted construction and sales of detached houses. Other businesses include biomass power generation business, pay nursing homes, dispatches manpower, manufactures and sells agriculture and gardening materials, and involves leasing business and insurance agency business.
SUMITOMO FORESTRY CO., LTD. 
