(Alliance News) - Mitsubishi Corp on Tuesday reported a sharp rise in annual earnings on the back of improved market conditions and increased production in several of its business segments.
The Tokyo-based conglomerate reported a profit of JPY937.53 billion in the financial year that ended March 31, or around USD7.19 billion. This was up sharply against the previous year, when profit totalled JPY172.55 billion.
Earnings per share surged to JPY635.06 from JPY116.86, with record high earnings in seven out of its ten segments. The company explained that profit had benefited from improved market conditions in the Australian metallurgical coal business and the Salmon farming business.
Increased production and sales volumes in the Automotive-related business and increased sale price in the Steel business also helped, Mitsubishi added.
Revenue rose 34% to JPY17.265 trillion from JPY12.885 trillion, mainly due to rising prices and increased transaction volumes as a result of improved market conditions.
For the year ending March 2023, Mitsubishi now expects profit of JPY850.0 billion, which would be down 9.3% from financial 2022.
Mitsubishi said the anticipated decrease as mainly due to an uncertain business environment. In particular, it expects a decline in its coal, iron ore and salmon farming businesses due to anticipated lower market prices and increased costs.
Shares in Mitsubishi were down 4.9% at JPY4,127.00 on Tuesday in Tokyo.
By Heather Rydings; heatherrydings@alliancenews.com
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