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Marubeni Corp
Other OTC MARUY 145,55 US$ -7,15%
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Marubeni president sees 10 bln yen profit from Gavilon in FY16/17

Publié le 10 mai 2016

TOKYO, May 10 (Reuters) - Marubeni Corp expects 10 billion yen ($91.96 million) profit from U.S. grain merchant unit Gavilon in the year to March 2017, up from 5.4 billion yen a year earlier, helped by restructuring, its president Fumiya Kokubu said on Tuesday.

The company, which owns a stake in Australia's Roy Hill iron ore mine, assumes iron ore prices this financial year to come below a year earlier despite the recent market recovery, he added.

"Our assumption prices are lower than the current prices," he told an earnings news conference, without disclosing exact figures.

($1 = 108.7400 yen) (Reporting by Yuka Obayashi; Editing by Stephen Coates)

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