The company reduces the valuation of profit due to the fall in the prices of natural resources, told the financial Director of Mitsubishi Corporation Noise Uchino.
MOSCOW, 6 Nov. Japanese diversified holding company Mitsubishi Corporation on the first half of the 2015-2016 year ended 30 September received net profit in the amount of 174,13 billion yen ($1,431 billion), which is 35.9% less than in the same period last year, follows from the statements of the company.
The profit attributable to the parent company, amounted to $ 154,923 billion yen (1,273 billion dollars), which is by 39.3% less than in the first two quarters of the previous Vigoda. Revenue of Mitsubishi Corporation amounted to $ 3,605 trillion yen (29,635 billion), decreased in annual terms by 5.2%.
As the CFO of Mitsubishi Corporation Noise Uchino (Shuma Uchino), the company expects a slow recovery in commodity markets and may delay expansion plans. The company also lowered its forecast for profit attributable to the parent company, the results of the 2015-2016 Vigoda to 300 billion yen (2,465 billion) to 360 billion yen.
“We reduce our estimate of profit, since the prices of natural resources fell more than we expected. We expected to see a recovery of commodity prices in 2017, but in the present circumstances, recovery may be delayed by about one year” — quoted his statement made at a briefing, Reuters.