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Marubeni expects $1bn writedown on losses

2015-01-26 10:21:38| Chemicals - Topix.net

Marubeni Corporation expects to write down $1 billion on the value of energy and commodity assets after the plunge in crude oil prices and a failure to meet targets at its Gavilon Holdings LLC grain unit. The Tokyo-based trading company halved its forecast for net income this year to 110 billion yen after recording about 95 billion yen in writedowns on oil and gas assets, including in the North Sea, and about 50 billion yen on US grain merchant Gavilon, bought for $2.7 billion in 2013 as Marubeni's largest-ever acquisition.

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