Japan's Mitsui sees net profit falling 15% on weaker energy business
TOKYO, May 1 (Reuters) - Japan’s Mitsui expects net profit to fall 15.4% to 900 billion yen ($5.70 billion) for the fiscal year ending in March, hit by weaker performance of its energy business, the trading house said on Wednesday.
The company posted a drop of 6% in net profit for the year ended in March to 1.1 trillion yen on lower prices of metallurgical coal, crude oil and gas but outperformed an LSEG poll of analysts that forecast net profit of 973 billion yen.
In the fiscal year ending in March 2026, however, net profit is expected at 920 billion yen, Mitsui said. The company plans to buy back up to 40 million of its shares worth up to 200 billion yen by Sept. 20 to boost shareholders’ returns.
($1=157.8600 yen)
(Reporting by Katya Golubkova; Editing by Jacqueline Wong)
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