OREANDA-NEWS. Sumitomo Corporation announced its consolidated results for the six-month period ended September 30, 2013, prepared on the basis of International Financial Reporting Standards (IFRS).

"Profit for the period attributable to owners of the parent" totaled 116.6 billion yen, representing a decrease of 12.8 billion yen from the same period of the previous year. This decline was due mainly to one-off profits in the previous year.

"Basic profit", which excludes extraordinary gain s and losses, totaled 113.9 billion yen, representing an increase of 12.1 billion yen.

*Basic Profit = (Gross profit + Selling, general and administrative expenses (excluding provision for doubtful receivables) + interest expense, net of interest income + Dividends) x 0.62 + Share of profit of investments accounted for using the equity method.

Core businesses in non-mineral resources, bolstered our results, continued to strengthen the earnings base and achieved a robust performance. Despite a continuing downtrend in profits of mineral resources businesses resulting from declines in commodity prices, the profits of some operations, including the banana business and our network of steel service centers, recovered from a slowdown in the previous year.

With regard to "Free cash flow", net cash used totaled 89.3 billion yen. In this period, we made investments in new retail facilities and ongoing mineral resources projects while core businesses performed well in generating cash.

"Total assets" stood at 8,077.2 billion yen at the period-end, up by 244.5 billion yen, due primarily to the yen's depreciation and the rise of listed stocks price.