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Sumitomo Forestry's H1 Net Attributable Income Falls; Net Sales Jump

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Sumitomo Forestry (TYO:1911) posted a 45.5% year-over-year fall in net income attributable to shareholders of the parent to 26.9 billion yen for the six months ended June 30 from 49.3 billion yen.

The logging processing and construction company's net income per share fell to 43.83 yen from 80.36 yen a year ago, according to a Tokyo Stock Exchange filing on Friday.

Net sales jumped 17.5% to 1.263 trillion yen from 1.074 trillion yen in the year-ago period.

In a separate filing, the company lowered its forecast for the fiscal year ending Dec. 31, with an attributable profit of 60 billion yen and net income per share of 97.85 yen, while raising net sales to 2.950 trillion yen. The previous forecasts were 95 billion yen, 155.09 yen, and 2.590 trillion yen, respectively.

The company plans to pay a year-end dividend of 25 yen per share for the current fiscal year.

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