5/11/2021
By Yuka Obayashi
TOKYO, May 11 (Reuters) - Japan’s giant trading houses reported mixed annual results, with Marubeni Corp swinging to a better than expected profit and Sumitomo Corp posting a record net loss amid the COVID-19 pandemic and strong bulk commodity prices.
Sweeping global lockdowns killed off global air travel in the year ended March 31, suspended mining and energy projects, and cut consumer spending on clothes and restaurants, hurting revenues for the trading companies whose portfolios span the gamut of raw material markets among others.
Some firms, however, benefited from a rally in iron ore and copper, which both scaled record highs this year amid tight supplies and a robust demand outlook. Soaring grain prices, mainly corn, also lent support.