Mitsubishi to post first annual loss on huge commodity writedowns

Tokyo

JAPANESE trading company Mitsubishi Corp will post its first ever annual loss for the year to March 31, it said on Thursday, hurt by huge writedowns from a slump in commodities.

Along with its domestic rivals and major international oil and mining companies, Mitsubishi Corp has been caught off guard by steep falls in the prices of goods from oil to iron ore as China's economic growth has slowed.