Mitsui Reports In-Line Fiscal 2017 Results on Recovery in Material Prices; Bearish Outlook Unchanged
No-moat Mitsui’s net profit of JPY 306 billion for the fiscal year ended March 2017 was a significant improvement from a net loss of JPY 83 billion a year ago. The results were within our expectations. The recovery was primarily owing to higher iron ore and coal prices and the reversal of losses from various segments, especially mineral and metal resources. We have raised our fiscal 2018 earnings estimate by 19% to factor in the higher near-term material margins, but our long-term forecasts are ...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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