Mitsubishi Corp. 9-month Profit Surges; Lifts Annual Earnings Outlook

Mitsubishi Corporation (MBC.L,MSBHY.PK), a Japanese trading company, on Friday posted a surge in profit for the nine-month period, supported by a rise in revenue, driven by an increased market prices and volumes.

In addition, for the full-year, the company has raised its earnings guidance.

For the nine-month period, the firm recorded a profit of 955.8 billion yen or 650.18 yen per share, compared with 644.768 billion yen or 435.28 yen per share, reported for the same period of last year.

"Share of profit of investments accounted for using the equity method increased 75.2 billion yen, or 24 percent year over year, to 393.4 billion yen, mainly due to increased equity earnings resulting from higher natural gas and crude oil prices," the company said.

Pre-tax profit was at 1.344 trillion yen, higher than previous year's 906.560 billion yen.

Mitsubishi generated revenue of 16.284 trillion yen, versus 12.371 trillion yen of last year period.

Looking ahead, for the fiscal to March, the company has raised its guidance based on the firm progress in the first nine months of the year and a favorable start to the final quarter.

For the full-year, Japanese firm now expects a profit of 1.150 trillion yen, higher than its previous guidance of 1.030 trillion yen.

For the 12-month period, Mitsubishi expects to pay a dividend of 180 yen per share, higher than its previous projection of 155 yen per share.

The trading company had paid annual a dividend of 150 yen per share, for the 12-month period to March 31, 2022.

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