4 Major Japanese Traders Log Lower Net Profits in April-Sept.

Economy

Tokyo, Nov. 6 (Jiji Press)--Four of Japan's seven major trading companies have reported weaker April-September earnings, as coal, nonferrous metal and other commodity markets were sluggish on concerns over a global economic slowdown.

Sumitomo Corp.'s <8053> consolidated net profit for the first half of fiscal 2019 declined 15.0 pct from a year before to 152.4 billion yen, dragged down by falling coal prices and the poor performance of a nickel mine in Madagascar.

Marubeni Corp. <8002> logged a 26.4 pct drop to 111.7 billion yen due to the impact of accounting fraud at major U.S. grain group Gavilon under its wing.

At Mitsubishi Corp. <8058>, net profit declined 21.6 pct to 242.3 billion yen, reflecting a 34.2-billion-yen loss incurred in crude oil dealings by a Singapore unit and the sluggish performance of its coking coal business in Australia.

"The result is tough," Mitsubishi Chief Financial Officer Kazuyuki Masu said.

[Copyright The Jiji Press, Ltd.]

Jiji Press