Sumitomo Posts Surge In FQ4 Net Profit

Sumitomo Corp SSUMY reported a rise in net profit for the fiscal fourth quarter. Sumitomo's quarterly net profit rose to Y31.6 billion, from a year-ago net profit of Y21.2 billion. For the fiscal year ended March, Sumitomo's net profit climbed 25% to Y250.67 billion from Y200.22 billion. Its revenue dropped 0.9% to Y8.273 trillion. For the 12-month period through March 2013, Sumitomo projects its net profit to climb 3.7% to Y260 billion. It expects a 2.1% decline in revenue to Y8.100 trillion. Sumitomo shares closed at $13.65 on Friday.