Mitsui & Co. Profit Hits Record, to Stay Involved in Russian Gas
- Company to continue involvement in Sakhalin-II project
- Trade house to buy back 3% of shares to reward investors
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Japanese trading giant Mitsui & Co. nearly tripled its full-year profit to an all-time high on soaring energy and commodity prices, and said the company will keep its involvement in liquefied natural gas projects in Russia.
Net income for the year ended March surged to 914.7 billion yen ($7 billion), it said in a statement Monday, adding it will spend as much as 100 billion yen to buy back 3% of its shares to reward investors. The strong results, which beat analyst estimates, come even as the company booked a 20.9 billion yen loss linked to LNG projects in Russia in the fourth quarter.