Reuters
Japan's trading houses Mitsui & Co Ltd and Sojitz forecast lower net profit in the current fiscal year as commodity prices are retreating from last year's peaks when the both enjoyed record-high earnings. While the post-pandemic energy crisis fuelled by Russia's invasion of Ukraine allowed the world's top energy players, including U.S. oil majors Exxon Mobil and Chevron, to post record profits, consumers, including utilities, were caught in by rising costs and a resulting inflation. Mitsui posted a 24% increase in 2022/23 net profit to a record 1.1 trillion yen ($8 billion) on Tuesday, boosted by high prices of liquefied natural gas (LNG) and oil, while Sojitz saw a 35% spike to a record 111.2 billion yen on higher coal prices.