Sumitomo Corporation's final profit also decreased by 100 billion yen
Loss has occurred due to the spread of the new coronavirus worldwide, and the major trading company Sumitomo Corporation has set a final profit of about 100 billion yen, which was expected to be 300 billion yen in the fiscal year ended March Announced that it could be lower.
According to the announcement, Sumitomo Corporation is expected to incur losses in the steel pipe business for the development of shale oil developed in the United States by the economic slowdown due to the spread of the new coronavirus worldwide and the sharp drop in oil prices became. It is also affecting the automotive and resource businesses.
For this reason, Sumitomo Corporation believes that in the fiscal year ending March 31, the Group's overall profits may have fallen by about 100 billion yen to the final profit of 300 billion yen.
The spread of the new coronavirus infection has had a significant impact on the performance of major trading companies operating around the world, and Marubeni is expected to turn a net loss of 190 billion yen in the fiscal year ending March 31 In addition, Mitsui & Co. has clarified the possibility that a net loss of about 50 to 70 billion yen will be generated against the net profit that was expected to be 450 billion yen.