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Marubeni's metals segment books 34.5% YOY increase in fiscal Q1'20 earnings

Marubeni Corp.'s metals segment posted a 34.5% yearly increase in net profit to ¥17.61 billion from ¥13.09 billion for the three-month period that ended June 30, driven by the strong performance of its Australian iron ore business.

Revenue dropped 11% to ¥92.39 billion while gross trading profit fell 7.7% to ¥9.32 billion on lower margins at its non-ferrous and light metal units. Operating profit dropped 18.9% to ¥4.67 billion, according to an Aug. 2 release.

Australian iron ore miner's earnings this year are expected to increase by 62% year on year due to supply disruptions brought by the dam disaster at Vale SA's Feijao mine in January.

As of Aug. 2, US$1 was equivalent to ¥106.67.