Japan's Mitsui & Co's Q1 '02-03 net pft down 9%

06 August 2002 09:54  [Source: ICIS news]

SINGAPORE (CNI)—Diversified Japanese chemical trading major Mitsui & Co has reported a 9% decrease year-on-year in its net profit for the first-quarter of the financial period through to 30 June 2002 due to decreased sales, especially in the machinery and energy sector.

Mitsui’s spokesman told CNI that its net profit decreased to Yen18.37bn ($152m/Euro157m) from Yen20.16bn.

The company’s sales decreased 8% to Yen2.91trn from Yen3.16trn due to poor margins resulting from lower prices.

However, Mitsui’s operating profit increased marginally to Yen19.62bn from Yen19.43bn. The increase was attributed to the lower cost of production, which fell faster than the company’s sales.

The English translation of the segment-wise break-up of the income statement was not immediately available.

By: Iqbal Anand
+65 6780 4359

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