March 22, 2016 - 8:04 PM EDT
Print Email Article Font Down Font Up
Mitsui revises FY 2015 outlook to 1st net loss since its founding

Trading house Mitsui & Co. on Wednesday forecast its first group net loss since its founding in 1947, the result of impairment losses from big declines in mineral and energy prices.

For fiscal 2015 ending March 31, Mitsui now expects a group net loss of 70 billion yen ($623 million), rather than an earlier projected profit of 190 billion yen. In fiscal 2014, Mitsui posted a group net profit of 306.49 billion yen.

Total impairment losses are expected to reach around 260 billion yen on overseas projects dealing with copper, coal, oil and liquefied natural gas.

The largest impairment loss of around 115 billion yen is from copper projects in

Chile
.

Recent plunges in crude oil and other commodity prices had raised concern over the impact on profitability at trading houses.

==Kyodo

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to: http://www.equities.com/disclaimer


Source: Equities.com News (March 22, 2016 - 8:04 PM EDT)

News by QuoteMedia
www.quotemedia.com

Legal Notice