Mitsui & Co. Ltd.'s mineral and metal resources segment posted a profit attributable to shareholders of ¥229.3 billion for the nine months ended Dec. 31, 2017, more than doubling year over year from ¥100 billion.
The group attributed the increase mainly to higher coal and iron ore prices in Australia.
Profit attributable to shareholders for the company's iron and steel products segment increased to ¥22.1 billion for the nine-month period, from ¥4.5 billion the year before, driven primarily by an ¥8 billion increase in gross profit to ¥33.3 billion.
Overall, Mitsui & Co.'s profit attributable to shareholders rose to ¥376.83 billion, rising 63.6% on a yearly basis from ¥230.33 billion, according to the Feb. 2 statement.
Revenue grew by ¥477.2 billion year over year to ¥3.653 trillion.
Mitsui & Co. revised upward its annual dividend forecast for the fiscal year ending March 31 to ¥70 per share, up from the previous forecast of ¥60 per share and a dividend of ¥55 per share for 2017.
The company also increased its profit forecast for the fiscal year, to ¥440 billion from ¥400 billion.
In addition, Mitsui & Co. announced an up to ¥50 billion share buyback program to repurchase up to 30 million shares, representing 1.7% of its outstanding shares, excluding treasury shares. The buyback will run from Feb. 5 through March 23.
As of Feb. 1, US$1 was equivalent to ¥109.45.
