Trader Marubeni Braces for Record Net Loss of 190 B. Yen
Tokyo, March 25 (Jiji Press)--Japanese trading house Marubeni Corp. <8002> said Wednesday it expects to log a record consolidated net loss of 190 billion yen for the year ending in March.
Its bottom-line estimate was revised down by 390 billion yen from the previous projection of 200 billion yen in profit.
The downward revision followed slumps in crude oil prices amid the coronavirus pandemic.
Marubeni expects an impairment loss of some 80 billion yen on oil and gas development projects in the Gulf of Mexico off the United States and 65 billion yen in the North Sea off Britain.
The virus crisis also hit its grain business, including wholly owned U.S. unit Gavilon Agriculture Investment Inc. Marubeni projects 100 billion yen in impairment losses from its U.S. grain business.
[Copyright The Jiji Press, Ltd.]