StocksMedium•10 November 2026•
1 min read
Sumitomo Metal Mining Cuts 2026 Profit Forecast by 26% on Philippines Impairment
Key Facts
1Sumitomo Metal Mining cut its fiscal 2026 net profit forecast by 26% to 161 billion yen.
2The company recorded a 42.6 billion yen impairment loss related to its nickel assets in the Philippines.
Sumitomo Metal Mining cut its fiscal 2026 net profit forecast by 26% to 161 billion yen. Mining.com reported that the company recorded a 42.6 billion yen impairment loss related to its Coral Bay Nickel Corp assets in the Philippines, following a review of equipment disposal and site restoration costs.
The downward revision comes despite first-half net profit rising 67% to 90 billion yen on the back of higher metals prices. Stock 5713.T closed at 7,873 yen on November 9, 2026, having traded between a low of 7,630 yen and a high of 8,055 yen that day. The company expects difficult market conditions to persist, with annual refined copper production forecasts lowered to approximately 400,000 metric tons.