By Yuka Obayashi

TOKYO (Reuters) -Japanese trading house Mitsui & Co Ltd reported a record full-year profit on Monday as soaring metals and energy prices offset a loss from its liquefied (LNG) business in Russia amid the deepening Ukraine crisis.

Kenichi Hori, Mitsui’s Chief Executive Officer (CEO), stated that “all business segments performed well” during a press conference.

As higher iron ore, gas, and coal prices led to tripled earnings in metals operations, the net profit for March 31, 2017, jumped 173% from last year ($7 billion)

It made a record profit despite a 20.9 million yen loss in LNG sales to Russia that it had booked for the quarter of January-March.

Mitsui reported a one-off loss of 80.6 billion Japanese yen after it reassessed the fair value of Sakhalin-2, Arctic-2, and other projects in response to a lower credit rating by the Russian government.

Mitsui had a total of 404.7 billion yen in outstanding loans, guarantees, and investments for Russia’s LNG business as at March 31st, compared with 430 billion by December 31, 2013.

Hori added that Japan will keep its involvement in Sakhalin-2, where it holds 12.5% of the shares.

In February, Shell (LON) announced that all of its Russian operations would be closed down. This was in response to the tightening sanctions on Moscow.

Hori explained that Arctic-2 continues as is, despite TotalEnergies’ impairment of approximately $4.1bn partly due to it.

Hori explained that “There is still a chance that some circumstances might change the project’s plan. We’ll make an official announcement after we review the situation and confirm what needs to go among the partners.”

According to data from Refinitiv, Mitsui projects a 13% drop in net profits to 800 billion Japanese yen for the year to March 2019. This beats a median forecast of 738.7 trillion yen by 11 analysts.

Hori indicated that although we do expect certain commodity markets to recover, the goal was to make strong earnings in an area that is less subject to market conditions to reach roughly parity with last year’s.

($1 = 130.2700 yen)