TOKYO -- After hemorrhaging red ink in resource operations, Sumitomo Corp. intends to change its business focus as well as its "follower" mentality to realize an earnings recovery.
The Japanese trading house said Wednesday it will book a net loss in fiscal 2014 due to impairment losses tied to resource projects. In addition to the bigger-than-expected drop in crude oil prices, "our experience wasn't sufficient to provide an adequate understanding" of the resource business, President Kuniharu Nakamura told a press conference.
