Japan's Mitsubishi to post first net loss

[TOKYO] Mitsubishi Corp is likely to post its first group net loss of more than 100 billion yen (S$1.22 billion) in the year ending March 31, hurt by impairment losses due to the commodities slump, the Nikkei business daily said on Thursday.

The Japanese trading house's impairment losses from such projects as a Chilean copper concession and a liquefied natural gas stake in Australia are expected to total about 400 billion yen and the company is expected to downgrade its annual forecasts as early as Thursday, the report said.

A company spokesman said the company is examining the report and did not say anything further.

Rival trading house Mitsui & Co on Wednesday predicted its first loss since it was established in 1947 after a slide in energy and metal prices forced it book 260 billion yen in writedowns.

REUTERS