Japan’s Marubeni H1 net profit falls 20% on lower fuel prices

TOKYO (Reuters) -Japanese trading house Marubeni on Thursday posted a drop of 20% in first-half net profit, due to lower fuel prices, but it upgraded its full-year forecast.

Marubeni increased its net profit forecast to 450 billion yen for the year ending in March 2024, up from the 420 billion yen it had expected earlier, supported by power and energy businesses along with higher oil prices and weaker yen.

The net profit for the six months ended Sept. 30 was at 251.3 billion yen ($1.7 billion).

Marubeni also increased its full-year dividend forecast to 83 yen per share from earlier guidance of 78 yen and will repurchase shares worth up to 20 billion yen between November and February.

This week its peer Mitsui & Co posted a fall of 15% in first-half net profit, but raised its full-year forecast on solid performance in its automobile business, with a weaker yen currency expected to boost gains from overseas assets.

($1 = 150.3100 yen)

(Reporting by Katya Golubkova; Editing by Christian Schmollinger and Rashmi Aich)