Singapore 03/05/2016 - Japan's Toyota Tsusho expects to return to profit in the current fiscal year ending March 2017 after posting a 43.7-billion-yen ($413-million) loss for the last fiscal year.
The company is forecasting net income at 70 billion yen and net sales of 7.3 trillion yen in this fiscal year, according to its statement published late last week.
It expects net sales at its metals business to reach 1.8 trillion yen in the current fiscal year, close to the 1.82 trillion yen of net sales it booked in the previous fiscal year. Net sales at its metals segment had fallen 7.3 percent in the last fiscal year.
Toyota Tsusho made an overall net loss of 43.7 billion yen in its fiscal year ending March 2016 after booking an impairment loss of 80.8 billion yen.
The company had warned of a loss earlier in April due to write-downs , including an impairment charge of around 45 billion yen from its resource business.
It had made a 156 billion yen profit in its fiscal year ended March 2015.
Toyota Tsusho’s total net sales fell 5.7 percent to 8.17 trillion yen in the last fiscal year largely due to crude oil price decline.
Its metals business includes aluminium smelting, the trading of non-ferrous metals and steel trading and processing.
(Editing by Mark Shaw)