TOKYO -- Mitsui Mining & Smelting is on track to a consolidated pretax profit of nearly 30 billion yen ($268 million) in the current fiscal year, more than 10% higher than the estimate for fiscal 2016 as strong sales of engineered materials for smartphones patch over poor earnings in its metals business.
The result would be the second straight year of profit growth and the highest profit since fiscal 2010's 34 billion yen. Improved sales of ultrathin copper foil used in smartphones, for which the Tokyo-based company controls over 90% of the global market, are making up for deteriorating earnings in its zinc business.
