Mitsui revises FY 2015 outlook to 1st net loss since its founding

Trading house Mitsui & Co. on Wednesday forecast its first group net loss since its founding in 1947, the result of impairment losses from big declines in mineral and energy prices.

For fiscal 2015 ending March 31, Mitsui now expects a group net loss of 70 billion yen ($623 million), rather than an earlier projected profit of 190 billion yen. In fiscal 2014, Mitsui posted a group net profit of 306.49 billion yen.

Total impairment losses are expected to reach around 260 billion yen on overseas projects dealing with copper, coal, oil and liquefied natural gas.

The largest impairment loss of around 115 billion yen is from copper projects in

.

Recent plunges in crude oil and other commodity prices had raised concern over the impact on profitability at trading houses.

==Kyodo

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