Japan’s Mitsui, Mitsubishi profit climbs on asset sales, weaker yen

TOKYO, Aug 1 (Reuters) – Japanese trading houses Mitsui (8031.T), opens new tab and Mitsubishi (8058.T), opens new tab 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.