Mitsui & Co blames slowing of global economy as interim profit falls

(Alliance News) - Mitsui & Co Ltd on Tuesday bemoaned a "weakened recovery" in China and "stalled" growth in Europe, as both revenue and profit fell in the first half from a year prior.

For the six months ended September 30, the Tokyo-based conglomerate reported profit before income taxes of JPY593.88 billion, down 14% from JPY687.81 billion a year prior. Profit was down 16% to JPY469.28 billion from JPY556.03 billion.

Revenue also fell, declining 14% to JPY6.377 trillion from JPY7.424 trillion the previous year.

Diluted earnings per share were JPY301.24, down from JPY339.57.

Mitsui reflected that while the US economy was "generally firm", it is expected to "gradually slow" due to the effects of monetary tightening. The firm predicted similar patterns in Europe, and also noted concerns over the economy in China and instability in the Middle East.

Mitsui & Co shares closed 0.8% higher at JPY5,417.00 each in Tokyo on Tuesday.

By Holly Beveridge, Alliance News reporter

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