Trading house Mitsubishi Corp. said Wednesday its group net profits in fiscal 2001 plunged 34.6 percent, primarily due to a 51.5 billion yen fall in securities sales.

Mitsubishi’s consolidated net profits in the year to March 31 came to 60.23 billion yen, down from record profits of 92.11 billion yen logged the previous year.

Its per-share net profit shrank to 38.43 yen from 58.77 yen.

The company said it will pay a full-year, per-share dividend of 8 yen in fiscal 2001, unchanged from a year earlier.

The firm’s pretax profits fell 24.5 percent to 99.59 billion yen on sales of 13.23 trillion yen, down 5.5 percent, due to poor performance in nonferrous metals and automobile-related machinery operations.

Mitsubishi also attributed the figures to factors such as the booking of greater loan-loss reserves associated with an unprofitable U.S. subsidiary and a rise in pension-related expenses.

In fiscal 2002, Mitsubishi expects its group net profits to reach 85 billion yen on projected sales of 13.6 trillion yen.

Itochu profits fall 57%

Trading house Itochu Corp. said Wednesday its group net profits plunged 57.2 percent in the 2001 business year.

The group blamed the 30.19 billion yen drop on weak sales and heavy appraisal losses on its shareholdings.

Its group pretax profits marked a hefty 59.2 percent drop to 67.10 billion yen in the year that ended March 31.

Sales were down 6.1 percent to 11.4 trillion yen, according to an earnings report calculated under U.S. accounting standards.

The firm said domestic sales in the space, information and multimedia sectors were relatively strong.

But poor showings in the textile, chemical, construction and real estate sectors, dragged down overall sales.

Group net profits per share stood at 21.18 yen, down from 49.46 yen the previous year.

Itochu will pay a full-year dividend of 5 yen, including the interim dividend of 2.5 yen, which has been paid already.

It paid the same full-year dividend the previous year.

For this year, the company expects to generate group net profits of 50 billion yen on sales of 11 trillion yen.

It expects to pay a dividend of 5 yen or 6 yen.

Tomen profit plunges

Major trading house Tomen Corp. on Wednesday reported that its group net profit for the year ended March 31 plunged 53.3 percent to 4.71 billion yen as investment and appraisal losses weighed heavily on falling sales.

The company will continue to skip dividend payments in fiscal 2001, it said. The last time it paid a dividend was the 2.5 yen per share it paid for fiscal 1998.

Tomen said its consolidated sales dropped in the just-ended year by 5.2 percent from the year before to 2.385 trillion yen amid restructuring. Slack economies both in Japan and overseas also had negative effects.

Sales in its mainstay chemical and fuel segments rose by 44.6 billion yen to 1.15 trillion yen. Sales of machinery, its other core segment, rose 17.6 billion yen to hit 417.2 billion yen.

Sales in its textile segment, however, fell 24.8 billion yen to hit 398 billion yen. The segment for other businesses, including metals and timber trading, plunged 157.9 billion yen to 141.1 billion yen.

Consolidated pretax profit dropped 7.2 percent to 23.17 billion yen.

But the fall in net profit was much larger because the group reported extraordinary losses, including investment losses and stock appraisal losses, totaling 6.95 billion yen, it said.

For the current fiscal year, the company predicts it will see growth in sales and profit, and favorable effects from restructuring.

Tomen projected a consolidated net profit of 10.5 billion yen and a pretax profit 26.5 billion yen on sales of 2.38 trillion yen for fiscal 2001.

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