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  Mitsui Raises Profit Estimate as Ore, Oil Prices Rise

Tue, 02 Feb, 2010 Views : 10
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Feb. 2 (Bloomberg) -- Mitsui & Co., Japan’s second-largest trading company byugg boots market value, increased its full-year profit forecast by 17 percent to 140 billion yen ($1.5 billion), because of higher than expected oil ugg boots for saleand iron ore prices. Mitsui increased its earnings outlook for its metals and energy divisions by 15 billion yen each, prompting the upgrade to its estimate for the year to March 31, the Tokyo-based company said in a statementugg boots UK today. Oil prices rallied 78 percent last year, while Nomura Holdings ugg bootsInc. forecast on Jan. 11 iron ore benchmark prices may surge as much as 50 percent in 2010 because of demand from China. Mitsui shares rose 5.8 percent to 1,368 yen at the close of trading sale ugg boots in Tokyo after its earnings announcement. The company said it had profit of 20.2 billion yen in the three ugg boots outletmonths to Dec. 31, down from 39.2 billion yen in the year- earlier period, as it wrote off 20 billion yen of preferred shares in Japan Airlines Corp. and it took a charge on an investment in Seven & I Holdings Inc. Sales fell 16 percent to 984.7 billion yen, the company said. Profit for the nine months to Dec. 31 fell 67 percent to 93 billion yen from 278 billion yen a year earlier, Tokyo-based Mitsui said. Sales fell 33 percent in the period to 3 trillion yen. The company said it will pay a second-half dividend of 9 yen, bring the full-year payout to 16 yen. Investment Budget The company has spent 250 billion yen of its investment budget fordiscount ugg boots the fiscal year of 360 billion yen and most of the balance has already been earmarked for projects in the fourth quarter, Junichi Matsumoto, chief financial officer of Mitsui, said at a briefing in Tokyo today. Mitsui and Tokyo Gas Co. will buy stakes in thermal power plants in Mexico from Barcelona-based Gas Natural SDG for about $1.23 billion, the Spanish company said on Dec. 24. Mitsui is also investing in a water cheap ugg bootstreatment plant in Mexico valued at about 80 billion yen, the company said earlier this month. “The investment environment has really shown a turnaround and it’s looking a bit like a fire sale,” Matsumoto said. “This is our chance to make some investments as the current situation won’t likely contFAA fines show extent of airline problemsinue for long.” Nike Air Jordan 20 Nike Air Jordan 21 Nike Air Jordan 22 Nike Air Jordan 23 Nike Air Jordan 1.5


  

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