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Marubeni's energy, metals unit swings to fiscal Q1'18 profit on higher prices

Marubeni Corp.'s energy and metals business segment booked an attributable net profit of ¥7.19 billion in the first quarter of its fiscal 2018, swinging from a loss of about ¥5.0 billion booked a year earlier.

In an Aug. 2 statement, the company attributed the unit's results to improved profits from its Chilean copper and Australian coal businesses, driven by higher prices, along with improved margins in the LNG field.

Gross trading profits from the segment also rose to ¥6.9 billion in the quarter that ended June 30 from the ¥1 billion trading loss a year ago.

The group's consolidated net profit increased to ¥53.76 billion in the quarter, or ¥30.39 per share, from ¥48.41 billion a year ago.

The company expects to book a profit of ¥170 billion, or ¥95.59 per share, in its fiscal year ending March 31, 2018.

As of Aug. 1, US$1 was equivalent to ¥110.15.