Trading house Mitsui & Co. said Thursday that its group pretax profits plunged 24.7 percent to 52.61 billion yen in fiscal 1999 on sales of 13.20 trillion yen, down 5.6 percent.
The trader blamed the profit fall mainly on an increase in loan-loss provisions, a rise in interest payments accruing from its outstanding liabilities and the write-down of latent losses on its fixed properties and securities holdings.
Consolidated net profits in the 12-month period through March 31, however, rose 19.8 percent to 35.68 billion yen, or 22.53 yen per share, up from the previous fiscal year's 18.81 yen.