Japanese Trading Houses Reaping Bumper Profits From Commodities
- Sumitomo, Marubeni raise annual profit guidance to records
- Warren Buffett’s Berkshire Hathaway an investor in the houses
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Some of Japan’s biggest trading houses reported bumper profits and flagged more to come as they benefited from higher energy and commodities prices.
Sumitomo Corp. raised its full-year net income forecast by almost half to a record of 550 billion yen ($3.7 billion). Marubeni Corp. upgraded its profit guidance to an all-time high, while Itochu Corp.’s second-quarter profit beat analyst estimates.