UPDATE 2-Marubeni predicts $1.7 bln FY loss as coronavirus hammers commodities [Reuters]
MARUBENI CORP UNSP/ADR (MARUY)
NASDAQ:AMEX Investor Relations:
marubeni.com/ir
Company Research
Source: Reuters
UPDATE 2-Marubeni predicts $1.7 bln FY loss as coronavirus hammers commodities * Sees record Y190 bln net loss vs Y200 bln profit in prior f’cast * To book 390 bln yen in impairment and one-off losses * Plunging oil markets, weaker grain, copper prices erode earnings (Recasts with details, quotes) TOKYO, March 25 (Reuters) - Japanese trading company Marubeni Corp on Wednesday predicted a record net loss of 190 billion yen ($1.7 billion) for the year ending March, as the coronavirus outbreak drives an unprecedented oil price slide and falls in other commodities. The loss forecast, against a previous prediction of a 200 billion yen net profit, comes as oil and gas companies cut spending plans, as the rapid spread of the coronavirus chokes supply chains and a crude glut swells after the collapse of an OPEC+ output deal. The losses are “due to the deterioration of the global business environment, including a sharp drop in crude oil prices, following the worldwide coronavirus outbreak and
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