Mitsui new CEO looks to food, medicine to cure 22% profit slump

Tokyo

MITSUI & Co, Japan's top oil trader, is expanding its focus beyond raw materials as its incoming chief executive officer contends with an expected 22 per cent decline in profit this year.

As much as 80 per cent of Mitsui's profit comes from such areas as iron ore, coal, oil and gas trading, which are sliding in value and dragging down the company's earnings.

Tatsuo Yasunaga, who leapfrogged promotion rankin…