Japan's Marubeni targets second year of record profit on asset gains

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TOKYO, May 1 : Japanese trading house Marubeni on Friday forecast 580 billion yen ($3.7 billion) in net profit for the current fiscal year, which would be a 6.6 per cent annual increase to its bottom line and a company record for the second year in a row.

Marubeni, which conducts business across energy, food, finance, real estate and other sectors, said its profit for the year ending next March would be supported by its energy and chemicals units, along with metals and mineral resources, and would include some other gains.

On Friday, the trading house reported an 8.1 per cent increase in net profit for the last fiscal year to a record high of 543.9 billion yen thanks to gains in its finance, leasing and real estate businesses, food and agriculture unit, and other areas.

($1 = 157.1800 yen)

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