Sumitomo Realty to write off YEN 100 bln (US$ 835 mln) property loss

Sumitomo Realty & Development Co. has decided to write off some YEN 100 bln in valuation losses on its land and other fixed assets in the period through to March 2004. Related extraordinary losses will total YEN 50 bln each in fiscal 2002 and 2003.

The companyÂ's consolidated net profit as a result is estimated to total YEN 4 billion this fiscal year, down from the previous projection of YEN 30 billion. However, the company intends to maintain its annual dividend payout at YEN 6 per share.

(source: Dow Jones)

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