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MarketScreener Homepage  >  Equities  >  Tokyo  >  Sumitomo Corp    8053   JP3404600003

SUMITOMO CORP

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Sumitomo : says Ambatovy nickel plant shut for two weeks in February

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03/20/2019 | 02:50am EDT
Logos of Sumitomo Corp are seen after the company's initiation ceremony at its headquarters in Tokyo

TOKYO (Reuters) - Japanese trading house Sumitomo Corp said on Wednesday its Ambatovy nickel plant in Madagascar was forced to shut for about two weeks in early February due to trouble at its hydrogen plant, and may miss its revised annual production target.

Sumitomo owns a 47.7 percent stake in Ambatovy, while South Korea's Korea Resources Corp and Canada's Sherritt International Corp also hold stakes in the project.

In early February, Sumitomo booked one-off losses of about 15 billion yen ($134 million) on the Ambatovy nickel-cobalt project in the October-December quarter and cut Ambatovy's nickel output estimate for the current year to March 31 to 38,000-40,000 tonnes from 40,000-43,000 tonnes.

(Reporting by Yuka Obayashi; editing by Richard Pullin)

Stocks mentioned in the article
ChangeLast1st jan.
LME NICKEL CASH 2.22% 13095 End-of-day quote.25.43%
SUMITOMO CORP 0.82% 1606 End-of-day quote.5.55%
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Financials (JPY)
Sales 2019 5 065 B
EBIT 2019 -
Net income 2019 323 B
Debt 2019 2 473 B
Yield 2019 4,75%
P/E ratio 2019 6,17
P/E ratio 2020 5,95
EV / Sales 2019 0,88x
EV / Sales 2020 0,87x
Capitalization 1 993 B
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Mean consensus OUTPERFORM
Number of Analysts 10
Average target price 1 899  JPY
Spread / Average Target 19%
EPS Revisions
Managers
NameTitle
Masayuki Hyodo President, CEO & Representative Director
Kuniharu Nakamura Chairman
Koichi Takahata CFO, Representative Director & Head-Finance
Hideki Yamano Representative Director & Chief Strategy Officer
Hideki Iwasawa Representative Director, CAO, EVP & Head-Legal
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