Japanese trading house profits slide as resource prices soften

TOKYO — Japan’s five major trading houses saw profits for the April-June period shrink from the same period last year against a backdrop of falling resource prices, according to earnings results announced this week.

Sumitomo Corp.’s net income fell 17% on the year to 129 billion yen ($900 million). Marubeni reported net income of 141 billion yen, down 30%, with Itochu dipping 8% to 213 billion yen.