All 7 Major Traders in Japan Show Poor Results in April-June
Tokyo, Aug. 13 (Jiji Press)--All of Japan’s seven major trading houses have reported poor business results in April-June, hit by plunges in resources prices and automobile demand amid the coronavirus pandemic.
In the first quarter of fiscal 2020, six saw their consolidated net profits decline, while the remaining one, Sumitomo Corp. <8053>, incurred a net loss of 41 billion yen due to a halt to some overseas mine operations.
Sojitz Corp. <2768> saw its net profit drop 83.3 pct from a year before to 2.3 billion yen owing to a drop in coal prices.
Net profit fell 77.3 pct to 36.6 billion yen at Mitsubishi Corp. <8058>, hurt by an impairment loss on its holdings in Mitsubishi Motors Corp. <7211> and lower resources prices.
At Toyota Tsusho Corp. <8015>, net profit tumbled 75.9 pct to 13.3 billion yen as its automobile business struggled.
[Copyright The Jiji Press, Ltd.]