Marubeni has decided to keep its earning forecast of JPY100bn ($949) for FY2021 unchanged from the initial forecast it made in May.
The company plans to reassess the forecast in the second half of FY2021 to specifically analyze the impact of the COVID-19 pandemic on the market.
Revenue in the firm’s metals and mining business—including its Australian coal business, Chilean copper mining business, and steel product business—has declined to JPY63.7bn in Q1 FY2021 (April 2020- June 2020) from JPY92.3bn in Q1 FY2020. Its operating profit also dropped to JPY150mn in Q1 FY2021 from JPY4.67bn in Q1 FY2020.
The company’s revenue for its construction, industrial machinery, and automobile business fell to JPY54.4bn in the first quarter of FY2021 from JPY79bn in Q1 FY2020, while its operating profit fell to JPY1.20bn from JPY5.50bn over the same period.
Marubeni’s total revenue decreased to JPY1,587.6bn in the first quarter of FY2021 from JPY1,907.6bn in Q1FY2020, and its total operating profit declined to JPY52bn from JPY55.3bn.