OREANDA-NEWS. Sumitomo Corporation announced its consolidated results for the six-month period ended September 30, 2014, prepared on the basis of International Financial Reporting Standards (IFRS).

"Profit for the period attributable to owners of the parent" decreased by 155.0 billion yen, from 116.6 billion yen to a loss of 38.4 billion yen. On September 29, 2014, we announced in a press release titled 'Notice Concerning Revisions of Consolidated Earnings Forecasts and Dividend Forecasts, and Interim Dividend, for the fiscal year ending March 31, 2015 and Divestment of Certain Fixed Assets and Recognition of Impairment Loss' that we expect to post impairment losses of approximately 240 billion yen in this fiscal year.

Of these, in the first half we posted impairment losses of 167.3 billion yen in Tight oil development project in the U.S. and Coal-mining projects in Australia.

"Basic profit", which excludes extraordinary gains and losses, totaled 115.7 billion yen, representing an increase of 1.8 billion yen.