TOKYO (dpa-AFX) - Japanese conglomerate Mitsubishi Corp. (MBC.L, MSBHY.PK) reported Thursday that its profit for the half year fell more than 60 percent, with nearly 26 percent decline in revenues, reflecting lower transaction volumes in Petroleum and Steel businesses.
For the first half, the Group's profit attributable to owners of the parent fell 64.2 percent to 86.7 billion yen from last year's 242.4 billion yen. Earnings per share were 58.55 yen, down from 154.64 yen last year.
Gross profit for the period totaled 761.2 billion yen, a decrease of 16 percent year over year, mainly due to lower market prices in the Australian metallurgical coal business and lower franchise commissions from franchise stores in the Convenience store business.
Impairment losses on property, plant and equipment and others rose by 56 percent to 3.1 billion yen, primarily due to rebound from impairments of ship facilities in the previous year.
The Group's revenues for the half year slid by 25.8 percent to 5.73 trillion yen on lower transaction volumes in the Petroleum business and the Steel business.
For the year ending March 2021, the Group said it continues to expect attributable profit of 200 billion yen or 135.47 yen per share.
Copyright RTT News/dpa-AFX