Japan’s three major trading houses released robust group earnings Friday for the fiscal first quarter amid solid showings in steel- and oil-related markets.
According to consolidated earnings reports for the April-June period, compiled in accordance with U.S. accounting standards, Mitsubishi Corp.’s net profit jumped 80.9 percent from a year earlier to 77.45 billion, yen while Mitsui & Co.’s net profit rose 21.6 percent and Sumitomo Corp.’s climbed 58.4 percent.
Mitsubishi said its net profit represented a record high on a quarterly basis, beating the 59.8 billion yen marked in the fourth quarter of fiscal 2004.
The yen’s depreciation partly contributed to this profit growth, it said.
Mitsubishi’s operating profit also hit a quarterly record at 66.44 billion, yen up 83.4 percent, on a 7.5 percent rise in sales to 4.33 trillion yen. At Mitsui, net profit totaled 48.26 billion, yen as sales grew 8 percent to 3.47 trillion yen. Sumitomo reported 37.78 billion yen in net profit on 2.25 trillion yen in sales, up 2.9 percent.
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