Create Post
Mitsubishi raises profit forecast on higher coal, LNG prices
Mitsubishi Corp on Tuesday raised its full-year net profit forecast by 21 per cent to a record 1.03 trillion yen ($7 billion), amid strength in metals and energy segments thanks to higher prices of coking coal and liquefied natural gas (LNG). Like global energy companies, Japanese trading houses have benefited from surging oil, gas and coal prices this year in the wake of Russia's invasion of Ukraine. The latest forecast was in line with a mean estimate of 1.08 trillion yen in a poll of 10 analysts by Refinitiv. "In addition to metals and natural gas, which captured the tailwind of market condition, strong profits are expected to come from other segments, including automobiles, electric power solutions and general materials," Mitsubishi Chief Executive Katsuya Nakanishi told a news conference. "Still, downside risks are also factored in for the second half of the financial year, taking into account concerns about a slowdown in the global economy," he said. Source: CNA #Mitsubishi
- 5
- 0
- ₹0
