Trading house Mitsui & Co. said Tuesday its group pretax profits for the April-June quarter fell 24.6 percent from a year earlier to 22.16 billion yen, while revenues slipped 7.9 percent to 2.92 trillion yen.
The company said its performance in the machinery, information and energy sectors was particularly sluggish, and earnings were pressured partly by appraisal losses on fixed asset holdings.
In its consolidated earnings report based on U.S. accounting standards, Mitsui said net profits fell 8.9 percent to 18.37 billion yen, while operating profits gained 1 percent to 19.62 billion yen.
For the full year to March 31, the company maintained its group earnings forecast released in May, in which it expects pretax profits of 110 billion yen and net profits of 80 billion yen on revenues of 13.2 trillion yen.
Mitsubishi unit gains
Mitsubishi Estate Co. on Tuesday raised its group net profit estimate for fiscal 2002 to 33.5 billion yen from 22 billion yen thanks to gains from the sale of fixed assets.
The real estate developer kept unchanged its consolidated recurring profits at 55 billion yen and sales projections at 660 billion yen.