Japan's seven major trading houses have all posted record net profits for the last fiscal year that ended in March. They cite soaring prices for resources.

Mitsubishi posted a net profit of 937.5 billion yen, or nearly 7.2 billion dollars.

Mitsui said its net profit came to 914.7 billion yen or about 7 billion dollars. Itochu's net profit was 820.2 billion yen or nearly 6.3 billion dollars.

Sumitomo's net profit went from the red to the black. The other major firms, namely Marubeni, Toyota Tsusho and Sojitz, also saw a sharp rise in profits.

The strong performances are attributed to the global economic recovery from the coronavirus pandemic, as well as the rising price of crude oil, coal and other resources. The weaker yen also pushed up net profits.

But their businesses with ties to Russia were hit hard.
Some posted losses for their aircraft leasing businesses.

Many also lowered the value of stocks and other properties they hold in their oil and natural gas development businesses. But Mitsubishi has indicated that it will continue its involvement in the Sakhalin-2 oil and natural gas project in Russia's far East.