Japan Trading Companies Hurt by Commodity Prices; Mitsubishi and Mitsui Report First-ever Net Loss
SEAFOODNEWS.COM [JAPAN REPORTS] Hokkaido - May 17, 2016
Japan’s 7 major traders sustained impairment losses of Y1.3 trillion in FY2015 on the downturn of natural resource prices worldwide. Mitsubishi and Mitsui report their first-ever consolidated net loss.
Japan's seven major trading houses -- Mitsubishi Corp., Mitsui & Co., Sumitomo Corp., Marubeni Corp., Itohchu Corp., Sojitz Corp. and Toyota Tsusho Corp. -- have suffered an overall impairment loss of Y1,291.9 billion in their consolidated financial reports for fiscal 2015 ended in March 2016, it was learned recently.
The huge loss is blamed on the general business setback and lower assessment of their assets against the backdrop of the worldwide downturn in natural and energy resource prices.
While Mitsubishi and Mitsui, the two top firms in Japan's trading industry, sustained their first ever net consolidated losses...
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