Japan's Mitsubishi Corp full-year net profit for chemicals falls 39%

08 May 2013 09:23  [Source: ICIS news]

TOKYO (ICIS)--Japanese trading firm Mitsubishi Corp said in a statement on Wednesday that the full-year net profit for its chemicals business decreased by 39% year on year, primarily because of lower earnings made from transactions.

Its chemicals segment’s net profit for the fiscal year ended 31 March 2013 was at yen (Y) 22.6bn ($0.23bn). Mitsubishi Corp attributed the Y14.5bn decrease in net profit to reduced earnings made from transactions at the parent company and its petrochemical subsidiary.

Gross profit for the chemicals business over the same period stood at Y92.1bn, a 6.4% increase year on year, while operating transactions increased by 8% to Y2,396.9bn.

The company’s metals business posted a 78% drop in full-year net profit at Y36.9bn, while gross profit declined by 50% from the previous year to Y133.6bn.

Operating transactions for its metals segment was down by 8.9% at Y4,007.4bn.

Mitsubishi Corp’s overall net profit declined by 20% year on year to Y360bn, while operating profit fell by 51% to Y133.9bn.

Total operating transactions stood at Y20,207.2bn, up by 0.4% from the previous year, because of higher sales in the company’s Asian automobile-related businesses.

($1 = Y99)

By: Tomomi Yokomura
+65 6780 4359

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