Major trading company interim settlement deficit and profit decline one after another New corona infection spreads at 16:13 on November 6
Sumitomo Corporation posted a deficit of 60.2 billion yen due to the fact that the interim settlement of accounts for major trading companies was completed by September and economic activity stagnated worldwide due to the spread of the new coronavirus infection, and the other six companies. Also decreased profits.
Sumitomo Corporation's final profit and loss for the entire group was a deficit of 60.2 billion yen in the interim results up to September.
This was due to the stagnation of global economic activity due to the spread of infection, and the recording of a loss in the nickel mine development in Madagascar, Africa and the coal-fired power generation business participating in Australia. It fell into the red for the first time in 6 years.
The final profits of the other six companies were 12% for Itochu, 64% for Mitsubishi, 53% for Mitsui, and Marubeni due to the decline in resource prices and profits in automobile and steel-related businesses. It decreased by 9%, Toyota Tsusho by 47%, and Sojitz by 69%.
Sumitomo Corporation Managing Director Katsutoshi Shiomi said in an online press conference, "The world economy is unpredictable due to concerns about the second wave of infection. We would like to review our business and work to return to a growth trajectory."