Sumitomo Heavy Industries Ltd. said Wednesday its group net loss swelled to 28.61 billion yen in fiscal 2000 from the previous year's 6.33 billion yen, remaining in the red for three years in a row on sluggish revenues and heavy restructuring costs.
The Tokyo-based heavy machinery maker also posted a 70.8 percent fall in group pretax profit to 1.60 billion yen on 9.3 percent lower sales at 513.75 billion yen.
Sumitomo attributed the loss to lower large-lot orders and scaled-down construction machinery division, while the company also wrote off 33.80 billion yen in extraordinary losses under a program to restructure and streamline the construction machinery operation.