Survey Finds Japanese Firms' Net Profits Up 21% in Fiscal 2016 (News)
Tokyo, May 13 (Jiji Press)—Combined group net profits at major Japanese nonfinancial companies soared 21.1% in fiscal 2016 (April 2016–March 2017), a Jiji Press tally showed Saturday.
The survey covered 1,117 nonfinancial companies listed on the Tokyo Stock Exchange's first section that have already released their earnings reports. Of them, 387 firms logged record profits.
The strong results were led by trading houses that benefited from higher natural-resource prices, as well as by real estate and construction businesses whose domestic operations performed well.
All of the seven major traders secured profit growth. Mitsubishi Corp. and Mitsui & Co. staged a sharp recovery from their first-ever net losses in the preceding year due to price drops for natural resources.
General contractor Kajima Corp. and real estate developer Mitsui Fudosan Co. scored record net profits, on the back of increasing construction demand in urban areas and infrastructure development related to the 2020 Tokyo Olympic and Paralympic Games.[Copyright The Jiji Press, Ltd.]