Singapore 21/04/2016 - Japan's Toyota Tsusho has revised its earnings forecast to a loss of 44 billion yen ($401 million) from October's forecast of a 35-billion-yen profit for its fiscal year ended March 2016.
The company had made a 156-billion-yen profit in its fiscal year ended March 2015.
Toyota Tsusho is booking an impairment of around 79 billion yen in the current fiscal year, with about 45 billion yen coming from its resource business, which includes the revaluation of its Australian and Canadian gas businesses, it said on Thursday.
In October, Toyota Tsusho halved its net income projection for the fiscal year ended March 2016 to 35 billion yen on expected investment losses.
The company's metals business includes aluminium smelting, the trading of non-ferrous metals and steel trading and processing.
Like other global metal miners and traders, several Japanese trading houses including Marubeni Corp, Mitsubishi Corp, Mitsui & Co and Sumitomo Corp have had to write off millions of dollars of metal assets due to the global slump in commodity prices.
(Editing by Mark Shaw)