TOKYO (Reuters) -Japanese trading house Mitsubishi Corp forecast on Friday its net profit for the year ending March would fall 26% to 700 billion yen ($4.82 billion), citing the absence of major capital gains. Mitsubishi posted 950.7 billion yen in net profit for the year ended in March, down 1.4% from a year ago and […]
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Mitsubishi forecasts 26% drop in annual profit, citing lack of capital gains
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TOKYO (Reuters) -Japanese trading house Mitsubishi Corp forecast on Friday its net profit for the year ending March would fall 26% to 700 billion yen ($4.82 billion), citing the absence of major capital gains.
Mitsubishi posted 950.7 billion yen in net profit for the year ended in March, down 1.4% from a year ago and slightly missing an LSEG poll of analysts that had estimated an average profit of 957.1 billion yen. This year’s profit forecast is also below analysts’ expectations of 747 billion yen.
Warren Buffett’s Berkshire Hathaway, a large minority shareholder in Mitsubishi, has been expanding its stake in the company as well as in other Japanese trading houses including Marubeni and Sumitomo Corp.
($1 = 145.3000 yen)
(Reporting by Katya Golubkova; Editing by Sonali Paul and Muralikumar Anantharaman)