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