TOKYO (dpa-AFX) - Shares of Mitsui & Co., Ltd. (MITSF.PK, MITSY.PK) were losing around 7 percent in trading Japan after the diversified corporation reported Friday lower profit in its first half with weak revenues. Looking ahead, the company projects sharply lower profit in fiscal 2021.
For the first-half, profit attributable to owners of the parent fell 53 percent to 110.02 billion Japanese yen from last year's 234.15 billion yen. Earnings per share were 65.13 yen, down from 134.61 yen a year ago.
Profit before income taxes declined 42.1 percent from last year to 184.69 billion yen.
Revenues were 3.04 trillion yen, down 10.8 percent from prior year's 3.41 trillion yen.
Looking ahead for the year ending March 31, 2021, the company projects attributable profit of 180 billion yen or 106.87 yen per share.
In the year 2020, the company's attributable profit was 391.5 billion yen or 225.98 yen per share.
In Japan, Mitsui shares were trading at 1,620 yen, down 6.90 percent.
Copyright RTT News/dpa-AFX