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Japan's Marubeni halves profit outlook on oil price slide

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Japanese trading house Marubeni Corp on Monday halved its net profit projection for this business year, booking losses on resource assets due to falls in oil, copper and coal prices.

[TOKYO] Japanese trading house Marubeni Corp on Monday halved its net profit projection for this business year, booking losses on resource assets due to falls in oil, copper and coal prices.

It is now forecasting a net profit of 110 billion yen (US$935 million) for the year ending in March, compared with its earlier forecast of 220 billion yen.

The company also said it would book an goodwill impairment loss of about 50 billion yen related to its acquisition of US-based grain merchant unit Gavilon LLC.

REUTERS