Japan's Mitsui raises full-year profit forecast to US$6 billion on LNG business, asset sales

JAPANESE trading house Mitsui raised its full-year net profit forecast to March 2025 to US$6 billion on Friday, from 900 billion yen (S$7.8 billion) previously, on a stronger outlook for its liquefied natural gas (LNG) business and asset sales.

Mitsui, involved in LNG projects in the Middle East and Russia, among other locations, raised its forecast for energy segment profits by 40 billion yen while also expecting the same amount from asset sales in its machinery and innovation units.

“We will further strengthen our existing and new businesses, with a particular focus on growth drivers such as LNG, mobility, healthcare and protein,” chief financial officer Tetsuya Shigeta told a briefing.

However, like peer Mitsubishi, Mitsui expects lower profits from its mineral and metal division amid weaker iron ore and metallurgical coal prices, as increased steel exports from China squeeze demand.

Mitsui posted net profit of 412 billion yen in the six months to September, down 10 per cent from the year-ago period, when it benefited from valuation gains in its lifestyle and innovation businesses. REUTERS