Jul 1, 2026 – 6.08pmLogging and building materials producer Sumitomo Forestry Australia’s profit fell after buying Australia’s largest home builder, Metricon, in a move that pushed up revenue 89 per cent, but also more than doubled the company’s wage and salary costs.Sumitomo Forestry, which said it paid $105 million for its 51 per cent stake in Mount Waverley, Victoria-based Metricon – less than the $115 million figure it originally stated – said net after-tax profit fell to $12.1 million in the year to December from $13.5 million a year earlier.Subscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber? Fetching latest articles
Japanese owner of Australia’s biggest home builder says profit fell
Sumitomo Forestry confirmed it paid $105 million for the local home-building giant, Metricon. But it also cut $35 million in goodwill from the Melbourne firm.
111 words~1 min read
