Sumitomo Corp. posted a 52 percent gain in first-quarter profit as demand increased for metals, construction equipment and ship leasing.
Net income climbed to ¥78.1 billion in the three months ended June 30, from ¥51.4 billion a year earlier, the company said Tuesday.
Sumitomo is benefiting from overseas investments in stakes in mines for coking coal, copper, nickel, manganese and other minerals as demand in China and the Middle East drives up prices. Surging global steel production forced Asian mills to pay threefold more for coking coal in the year started April, while prices for iron ore have almost doubled.