August 15, 2017 / 12:19 AM / a year ago

Mitsui to book $810 mln after-tax profit in Q2 on Vale's stock conversion plan

TOKYO, Aug 15 (Reuters) - Japanese trading firm Mitsui & Co Ltd said on Tuesday it would book an after-tax profit of about 89 billion yen ($810 million) in the July-September second quarter on Brazil’s Vale’s stock conversion plan.

Mitsui said the profit was not included in its profit forecast for the year to March 2018 and it would revise the forecast as needed.

Vale’s Chief Executive Officer Fabio Schvartsman said on Monday that the conversion plan, which ended last week, was a success and that Vale would absorb its former controlling entity, Valepar SA, on Monday. The takeover of Valepar is part of a reorganization aimed at transforming Vale into a company with dispersed share ownership.

$1 = 109.9200 yen Reporting by Yuka Obayashi; Editing by Richard Pullin

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