October 30, 2018 / 5:59 AM / 14 days ago

Japanese trading house Mitsui lifts full-yr profit forecast on stronger oil prices

TOKYO, Oct 30 (Reuters) - Japanese trading house Mitsui & Co on Tuesday reported a 6.5 percent fall in net profit for the April-September period, but lifted its full-year earnings outlook to a record level in the wake of higher oil prices.

Japanese trading companies have benefited from higher prices for commodities such as oil and iron ore SH-CCN-IRNOR62, while their results also reflect healthy earnings in non-resource segments which they have strengthened since the last commodities down-cycle.

Net income for Mitsui came in at 222.87 billion yen ($1.98 billion) for the six months to Sept. 30, below 238.3 billion yen in the same period a year earlier when a massive one-off gain from Vale’s stock reorganisation boosted profits.

Mitsui raised its annual profit forecast to a record 450 billion yen from an earlier estimate of 420 billion yen. That compares with an actual profit of 418.5 billion yen a year earlier and matches a consensus forecast from 10 analysts, according to data from Refinitiv.

$1 = 112.7200 yen Reporting by Yuka Obayashi Editing by Joseph Radford

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