Japanese Trading Houses Divided over Earnings Forecasts
Tokyo, Nov. 3 (Jiji Press)--Major Japanese trading houses were divided over earnings forecasts for the year ending in March 2019 amid U.S.-China trade friction, according to their latest quarterly earnings reports.
In the first half, they generally fared well on the back of rising coal, oil and other commodity prices.
Mitsubishi Corp. <8058>, Itochu Corp. <8001>, Sumitomo Corp. <8053>, Marubeni Corp. <8002> and Sojitz Corp. <2768> posted record first-half consolidated net profits of 309.3 billion yen, 258 billion yen, 179.3 billion yen, 151.9 billion yen and 37.1 billion yen, respectively.
Mitsui & Co. <8031> saw its first-half net profit fall to 222.8 billion yen, following the booking a year earlier of appraisal gains on its securities holdings. The company still enjoyed sharp profit growth in energy-related operations.
For the full year, four of the six trading houses upgraded their profit projections, with Mitsubishi now eyeing a record annual profit of 640 billion yen, reflecting its strong performance in the liquefied natural gas business.
[Copyright The Jiji Press, Ltd.]