Mitsui Mining & Smelting Co., co-owner of Japan's biggest copper smelter, forecast a second year of profit declines on falling metal prices and higher energy costs.
Net income will probably fall 36 percent to ¥5 billion for the 12 months ending next March 31, from ¥7.8 billion a year earlier, the Tokyo-based company said Monday. Mitsui Mining on April 28 expected to report a profit gain of ¥12 billion.
The profit outlook, reduced by 58 percent, led Mitsui Mining to cut its planned dividend payment to ¥8 a share from ¥12 for this fiscal year, the company said.
Mitsui Mining also cut its sales forecast 6.3 percent to ¥554 billion for the year to March 31. Operating profit, or sales minus the costs of goods sold and administrative expenses, may total ¥19.7 billion, 30 percent short of its earlier forecast.