February 7, 2019 / 6:42 AM / a year ago

Japan's Marubeni warns of potential one-off losses in grain, power generation assets

FILE PHOTO - The logo of Marubeni Corp is seen at the company headquarters in Tokyo, Japan, May 10, 2016. REUTERS/Toru Hanai/File Photo

TOKYO (Reuters) - Japanese trading house Marubeni on Thursday said it may book one-off losses on its stake in a U.S. grain business and overseas power projects in the January-March quarter.

It also reported a record net profit for the April-December period.

The potential impairment loss on its U.S. grain business reflects slumping grain prices and trading volumes in the wake of the U.S.-Sino trade dispute, Marubeni Chief Financial Officer Nobuhiro Yabe told a news conference.

Marubeni stuck to its full-year profit forecast of 230 billion yen ($2.09 billion) for the year ending March 31, although its nine-month profit has already reached 95 percent of its annual profit guidance.

Reporting by Yuka Obayashi

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