November 5, 2019 / 6:37 AM / 10 days ago

Marubeni CFO says no plan to sell Gavilon

TOKYO, Nov 5 (Reuters) -

* Marubeni Chief Financial Officer Nobuhiro Yabe said on Tuesday that the Japanese trading house has no plan to sell its U.S. agri-business unit Gavilon.

* Marubeni’s agri-business profit in the April-September period fell from a year earlier due to a loss of 3.9 billion yen ($35.85 million) related to inappropriate recognition of Gavilon’s loss from its trade in Italy and Spain in the last business year, Yabe told an earnings news conference.

* Yabe said the Japanese company expects Gavilon to contribute about $70 million in profit to Marubeni’s earnings this business year, in line with last business year.

$1 = 108.7900 yen Reporting by Yuka Obayashi; Editing by Christian Schmollinger

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