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Major trading firms post gains in profits www3.nhk.or.jp
Japanese trading firms are enjoying windfall profits from higher resource prices. All 5 major traders have reported bigger earnings in the April-June quarter compared with the same period last year.
Itochu posted a record net profit of about 977 million dollars, up 48 percent in yen terms.
The company owns coal and iron ore mines overseas. It's also making gains from investments in Chinese firms.
Quarterly net profit at Mitsubishi Corporation rose 17 percent to about 1.06 billion dollars. Earnings at Mitsui & Company surged 81 percent to about one billion dollars. Sumitomo's profits more than tripled to 706 million dollars, while Marubeni's earning rose 11 percent to 486 million dollars.
Itochu CFO Tsuyoshi Hachimura told reporters that China is on a steady footing, with solid exports and domestic demand, including personal consumption.
He said the only concern is the actions of the Trump administration. He said frictions between the US and China could have repercussions worldwide.
Published Date:2017-08-07
