Lower Energy Prices Continue to Put a Lid on Mitsui’s Half-Year Fiscal 2017 Results
No-moat Mitsui’s fiscal first half (fiscal year ending March 2017) net profit drop of 7% to JPY 122 billion is broadly in line with our expectation. The decline in earnings was mainly due to lower oil and gas prices, mitigated by better performance from the lifestyle division (reversal of Multigrain loss and gain from sale of investment) and metals segment (reversal of foreign exchange loss from Valepar and tax effects from liquidation of a subsidiary). Our earnings estimates are largely unchang...Mitsui & Co. is a general trading company engaged in a range of global business activities including worldwide trading of various commodities, arranging financing for customers and suppliers in connection with Co.'s trading activities, organizing and coordinating industrial projects, participating in financing and investing arrangements, assisting in the procurement of raw materials and equipment, providing new technologies and processes for manufacturing, and coordinating transportation and marketing of finished goods. Americas, Europe, the Middle East and Africa, and Asia Pacific trade in various commodities and conduct related business led by overseas trading subsidiaries in each region.
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