LA Post: Japan's Mitsui, Mitsubishi profit climbs on asset sales, weaker yen

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)

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