(Bloomberg) -- Sumitomo Mitsui Trust Holdings Inc. plans to halve its profit forecast for the current fiscal year to around ¥100 billion ($668 million) due...
-- Sumitomo Mitsui Trust Holdings Inc. plans to halve its profit forecast for the current fiscal year to around ¥100 billion due to a hedging loss, people with knowledge of the matter said.The World’s Iron Ore Powerhouse Is Preparing to Reinvent Itself
The Tokyo-based lender will record an impairment loss in the year ending March because it will realize losses in bear funds, the people said. It holds such instruments to hedge against the risk of stock price fluctuations, on bigger-than-expected gains in the value of its shareholdings. The bank plans to maintain its dividend as business is steady, according to the people.Sumitomo Mitsui Trust currently forecasts net income to rise to a record ¥200 billion this fiscal year.
Sumitomo Mitsui Trust posted a ¥31.5 billion loss on the bear funds in the April-June quarter, pushing down its net income 43% from a year earlier to ¥36.7 billion. It is due to report fiscal first-half results in mid-November.The Business of Children’s Books in This New Era of Book BanningFortis Has Announced That It Will Be Increasing Its Dividend To CA$0.59Discover a world of exciting games, from heart-pumping action to brain-teasing puzzles.
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