DJ reported that Sumitomo Metal Mining Company sharply revised upward its group net profit outlook for the full fiscal year March 31st 2009 due to a pickup in nonferrous metal prices.

The Tokyo based miner said that it now estimates a net profit of JPY 36 billion compared with a previous forecast made in April for JPY 7 billion in profit. It also raised its operating profit outlook to JPY 44 billion from JPY 14 billion while full year sales are now pegged at JPY 665 billion from JPY 493 billion.

The company said that progress in global inventories adjustment and a pickup in Asian economies led to an uptick in prices for copper, nickel and other nonferrous metals. It said that a recovery in demand for electronics materials will also help buoy its earnings.

(Sourced from Dow Jones)