TOKYO (Reuters) – Mitsubishi Corporation announced on Thursday that its consolidated net profit for the April-June quarter of 2022 (based on international accounting standards) was 533.9 billion yen, up 2.8 times from the same period last year. In addition to recording a gain of 84.1 billion yen on the sale of a J-REIT management company, resource prices remained high, and automobile-related and European energy businesses were also doing well.
The earnings forecast for the full year ending March 2011 remains unchanged. Yuzo Nouchi, Chief Financial Officer (CFO), who held a press conference, said, “There is a high possibility that we will revise upwards.” In addition to declining steel demand due to global monetary tightening, he said, “Copper prices have also fallen considerably from their highs.”
Consolidated net income for the full year is expected to decrease by 9.3% from the previous year to 850 billion yen. It fell short of the 1.04 trillion yen average forecast of 11 analysts compiled by IBES.
Mitsubishi Corporation announced on the same day that it has reduced the asset value of Sakhalin 2, an oil and natural resource development project in Far East Russia in which it holds a 10% stake, by 81.1 billion yen. Although it was just lowered in May, President Putin signed a presidential decree to change the business entity to a Russian company at the end of June, which increased uncertainty about the future of the business.
(Edited by Miho Uranaka: Nobuhiro Kubo)