TOKYO (Reuters) -Japanese trading houses Mitsui and Mitsubishi posted increases in first-quarter net profit thanks to asset sales and a weaker yen, beating estimates.
Mitsui reported a 9.2% increase in net profit to 276.1 billion yen on the year, and Mitsubishi saw a 12% rise to 354.4 billion yen, beating forecasts in an LSEG poll of analysts by 3% and 22%, respectively.
Mitsubishi attributed the rise in profits to the sale of two metallurgical coal mines and Mitsui from the sale of machinery and infrastructure assets. Both also benefited from a weaker yen thanks to assets overseas.
Mitsui and Mitsubishi kept their forecasts for the year ending March 2025 unchanged at 900 billion yen and 950 billion yen, respectively.
($1 = 149.8400 yen)
(Reporting by Katya Golubkova; Editing by Christian Schmollinger and Bernadette Baum)
