Trading house Sumitomo Corp. said Wednesday that its 1999 group business swung into the black for the first time in two years, posting a consolidated net profit of 26.05 billion yen.
The net profit for the business year that ended March 31 marks a sharp turnaround from the previous year's net loss of 22.51 billion yen.
Sumitomo said its group pretax profit swelled to 77.67 billion yen, up 62.2 percent from the previous year, due mainly to profits from the sales of stockholdings.