Latest news with #SumitomoCorp
Nikkei Asia
6 hours ago
- Business
- Nikkei Asia
Sumitomo's Madagascar nickel mine transforms into $3bn money pit
TOKYO -- A Madagascar nickel mining operation has generated over 430 billion yen ($3 billion) in net losses for Sumitomo Corp. since the Japanese trading house joined the project two decades ago. Sumitomo acquired a stake in the Ambatovy mine in 2005 that has grown to just over 54% with Korea Mine Rehabilitation and Mineral Resources (KOMIR) owning the rest.
Irish Examiner
22-05-2025
- Business
- Irish Examiner
SMBC proceeds from Russian jet insurance settlements hit €1.2bn
Irish aircraft lessor SMBC Aviation Capital has booked a further $654m (€577.2m) in proceeds from insurance settlements over the past year related to jets stranded in Russia following Western sanctions, the Irish-headquartered company said on Thursday. That brought SMBC's total recoveries from claims following the sanctions over Moscow's war in Ukraine to $1.41bn (€1.2bn). It was one of six lessors that ended an Irish lawsuit against their insurers last month following a series of settlements. SMBC recorded an impairment of $1.6bn (€1.4bn) in 2022 to cover the full financial impact of having 34 jets stuck in Russia after the sanctions forced the termination of all Russian leases. The world's third-largest aircraft lessor gave the update in its full year results to the end of March, which showed pretax profits rose 22% year-on-year to a company record $563 million, excluding the benefit of the insurance settlements. SMBC, owned by a consortium including Japan's Sumitomo Corp and Sumitomo Mitsui Financial Group, said its core lease rental revenue grew by 3% to $2 billion and its asset sales hit $1.9 billion following the sale of 48 older aircraft. Reuters
Reuters
22-05-2025
- Business
- Reuters
SMBC proceeds from Russian jet insurance settlements hit $1.4 billion
DUBLIN, May 22 (Reuters) - Aircraft lessor SMBC Aviation Capital has booked a further $654 million in proceeds from insurance settlements over the past year related to jets stranded in Russia following Western sanctions, the Irish-headquartered company said on Thursday. That brought SMBC's total recoveries from claims following the sanctions over Moscow's war in Ukraine to $1.41 billion. It was one of six lessors that ended an Irish lawsuit against their insurers last month following a series of settlements. SMBC recorded an impairment of $1.6 billion in 2022 to cover the full financial impact of having 34 jets stuck in Russia after the sanctions forced the termination of all Russian leases. The world's third-largest aircraft lessor gave the update in its full year results to the end of March, which showed pretax profits rose 22% year-on-year to a company record $563 million, excluding the benefit of the insurance settlements. SMBC, owned by a consortium including Japan's Sumitomo Corp (8053.T), opens new tab and Sumitomo Mitsui Financial Group (8316.T), opens new tab, said its core lease rental revenue grew by 3% to $2 billion and its asset sales hit $1.9 billion following the sale of 48 older aircraft.
CNA
22-05-2025
- Business
- CNA
SMBC proceeds from Russian jet insurance settlements hit $1.4 billion
DUBLIN :Aircraft lessor SMBC Aviation Capital has booked a further $654 million in proceeds from insurance settlements over the past year related to jets stranded in Russia following Western sanctions, the Irish-headquartered company said on Thursday. That brought SMBC's total recoveries from claims following the sanctions over Moscow's war in Ukraine to $1.41 billion. It was one of six lessors that ended an Irish lawsuit against their insurers last month following a series of settlements. SMBC recorded an impairment of $1.6 billion in 2022 to cover the full financial impact of having 34 jets stuck in Russia after the sanctions forced the termination of all Russian leases. The world's third-largest aircraft lessor gave the update in its full year results to the end of March, which showed pretax profits rose 22 per cent year-on-year to a company record $563 million, excluding the benefit of the insurance settlements. SMBC, owned by a consortium including Japan's Sumitomo Corp and Sumitomo Mitsui Financial Group, said its core lease rental revenue grew by 3 per cent to $2 billion and its asset sales hit $1.9 billion following the sale of 48 older aircraft.
Nikkei Asia
12-05-2025
- Business
- Nikkei Asia
Japan's Sumitomo Corp. to build its fifth Vietnam industrial park
TOKYO -- Japanese trading house Sumitomo Corp. will build its fifth industrial park in Vietnam at a cost of about 17 billion yen ($114 million), with construction to begin later this year and tenants expected to move in around the end of 2026. The new industrial park will be built in Thanh Hoa province about 150 kilometers south of Hanoi, the company said Monday. Sumitomo is already in negotiations with several potential tenants, which are expected to include a wide range of companies from Japan, China, Taiwan and elsewhere.
