Marubeni Incurs Record Net Loss

Economy

Tokyo, May 7 (Jiji Press)--Marubeni Corp. <8002> on Thursday reported a record net loss for the year that ended in March as it booked impairment losses in a wide range of businesses due to the coronavirus pandemic that sent commodities prices tumbling.

The Japanese trading house swung to a consolidated net loss of 197,450 million yen from a profit of 230,891 million yen the previous year.

The impairment losses included 131.3 billion yen on oil and gas development, 98.2 billion yen on grain business in the United States and 60.3 billion yen on a copper mining project in Chile.

The company also incurred an impairment loss of 39.2 billion yen from a U.S. aircraft leasing company it purchased recently.

Due to the pandemic, "We're entering the worst economic crisis since World War II," Marubeni President and Chief Executive Officer Masumi Kakinoki told a press conference.

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Jiji Press