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UPDATE 1-Mitsui targets 440 bln yen profit in year through March 2020
May 9, 2017 / 4:53 AM / 7 months ago

UPDATE 1-Mitsui targets 440 bln yen profit in year through March 2020

(Updates with earnings details in paragraphs 4 to 7)

TOKYO, May 9 (Reuters) - Japanese trading house Mitsui & Co Ltd said on Tuesday it is targeting an annual profit of 440 billion yen ($3.9 billion) in the year through March 2020.

The company also said it expects to invest between 1.7 trillion yen and 1.9 trillion yen over the next three years as part of a new mid-term business plan.

Mitsui announced the plans at an earnings press conference, where it said it expects a 4.5 percent rise in net profit for the year through March 2018, due to stronger earnings in its energy and metals segments.

The company is forecasting profit of 320 billion yen ($2.8 billion) in the year to March 31, 2018, in line with a mean estimate of 319.46 billion yen, according to 11 analysts polled by Thomson Reuters I/B/E/S.

For the year ended in March, Mitsui returned to the black, with a profit of 306.1 billion yen, against a loss of 83.41 billion yen a year earlier.

The result was roughly in line with a mean estimate of 305.3 billion yen among analysts and the company’s own estimate of 300 billion yen.

$1 = 113.2500 yen Reporting by Yuka Obayashi; Editing by Aaron Sheldrick and Christian Schmollinger

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