SUMITOMO CORPORATION (SUMITOMO SHOJI KAISHA,LTD.) [8053.T]
TOKYO, May 01 (Pulse News Wire) – Sumitomo Corporation (sumitomo Shoji Kaisha,ltd.) (8053.T) reported the recognition of deferred tax assets in its individual and consolidated financial statements for the fiscal year ending March 31, 2026. Following the completion of SCSK Corporation's full subsidiary status in the fourth quarter of the fiscal year, the company revised its estimates of future taxable income, leading to the recognition of previously unrecorded deferred tax assets.
In the individual financial statement for the fiscal year, the company recorded approximately ¥135.0 billion in profit adjustments under “Tax Adjustment.” Additionally, in the consolidated financial statement for the fourth quarter, the company recognized around 300 billion yen in profits within the “Corporate Income Tax Expense” category. The recognition of these deferred tax assets reflects changes in accounting estimates based on the anticipated recovery of previously unrecoverable losses and temporary differences.
Sumitomo Corporation (sumitomo Shoji Kaisha,ltd.)’s decision to recognize these assets is detailed in its recently released IFRS consolidated earnings release for the fiscal year ended March 31, 2026.
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