Japans Sumitomo Corp

Japans Sumitomo Corp, hit by massive copper trading losses, announced on Tuesday it went into the red in the last business year for the first time since the giant trading house was founded in 1919. The company said its parent net losses in the year to March 31 reached 148.63 billion yen ($1.31 billion) compared with the previous years net profit of 16.28 billion yen.