TOKYO ― Japanese trading house Mitsui posted on Friday a net profit of 191.65 billion yen ($1.27 billion) for the quarter (Q1) ended on June 30, down 31 percent from a year earlier but ahead of analysts’ forecasts.
An LSEG poll of analysts had expected Mitsui to post a profit of 178.8 billion yen for the first quarter. The company recorded a net profit of 276.11 billion yen a year earlier.
This year, profit was down on the absence of asset sales and weaker iron ore and metallurgical coal prices, Mitsui said. The company kept its net profit forecast for the fiscal year ending next March unchanged at 770 billion yen.
“Looking ahead, there are concerns about deterioration in the global economy due to the expansiveness and high-level of increases to tariffs by the US, which would negatively impact the global economy,” Mitsui said.
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