Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
Mitsui & Co Ltd on Tuesday bemoaned a ‘weakened recovery’ in China and ‘stalled’ growth in Europe, as both revenue and profit fell in the first half from a year prior.
For the six months ended September 30, the Tokyo-based conglomerate reported profit before income taxes of JP¥593.88 billion, down 14% from JP¥687.81 billion a year prior. Profit was down 16% to JP¥469.28 billion from JP¥556.03 billion.
Revenue also fell, declining 14% to JP¥6.377 trillion from JP¥7.424 trillion the previous year.
Diluted earnings per share were JP¥301.24, down from JP¥339.57.
Mitsui reflected that while the US economy was ‘generally firm’, it is expected to ‘gradually slow’ due to the effects of monetary tightening. The firm predicted similar patterns in Europe, and also noted concerns over the economy in China and instability in the Middle East.
Mitsui & Co shares closed 0.8% higher at JP¥5,417.00 each in Tokyo on Tuesday.
Copyright 2023 Alliance News Ltd. All Rights Reserved.