Mitsubishi Corp. (MBC) - Revision of Full-year Earnings Forecasts RNS Number : 0748P Mitsubishi Corporation 19 October 2012 October 19, 2012 (Translation of report filed with the Tokyo Stock Exchange on October 19, 2012) Revision of Full-year Consolidated Earnings Forecasts In light of recent financial results and certain other factors, Mitsubishi Corporation (MC) today announced revisions to its full-year consolidated earnings forecasts for the year ending March 2013 (fiscal year beginning on April 1, 2012 and ending March 31, 2013) that were announced on May 8, 2012 with financial results for the year ended March 2012, as below. 1. Revisions to Full-Year Consolidated Earnings Forecasts for the Year Ending March 2013 (Fiscal year beginning on April 1, 2012 and ending March 31, 2013) Income Net Income Net Income Operating Operating Before Attributable Attributable Transactions Income Income to Mitsubishi to Mitsubishi (million yen) (million Taxes Corporation Corporation yen) (million (million yen) Per Share yen) (yen) Previous 21,000,000 340,000 490,000 500,000 303.71 Forecast (A) Revised Forecast 20,000,000 140,000 280,000 330,000 200.45 (B) Difference (B-A) -1,000,000 -200,000 -210,000 -170,000 -103.26 Difference (%) -4.8% -58.8% -42.9% -34.0% -34.0% Previous Year Actual Results (for reference) 20,126,321 271,122 458,970 453,849 275.83 (year ended March 31, 2012) 2. Reasons for Revisions The European debt crisis has had a deepening impact on the global economy while emerging nations such as China have seen an even slower pace of growth. As a result of these factors, certain commodity prices have fallen below the initially anticipated range. In light of these developments in the recent business environment, MC has reviewed its full-year consolidated earnings forecasts for the year ending March 2013. As a result, MC has decided to reflect the following factors into its forecasts: The impact of longer-than-anticipated strike action at an Australian resource-related (coking coal) subsidiary in the Metals Group, and the impacts of lower sales prices, etc. (net income attributable to Mitsubishi Corporation: -150.0 billion yen); deterioration in market conditions in the Chemicals Group (net income attributable to Mitsubishi Corporation -10.0 billion yen); and additional risk of write-downs of marketable securities (available for sale) due to weak stock prices, etc. (net income attributable to Mitsubishi Corporation: -10.0 billion yen). Consequently, MC has revised its earnings forecasts announced on May 8, 2012 as shown in the foregoing section 1. (Please see attachment for details on revisions to segment forecasts.) Further details will be announced on November 2, 2012 with the announcement of financial results for the first half of the year ending March 2013. (Note) The above forecasts in this release are based on data currently available to management and certain assumptions that management believes are reasonable. The achievement of said forecasts cannot be promised. Actual results may therefore differ materially from these statements for various reasons. Forecasts for the Year Ending March 2013 by Operating Segment [Net Income (Loss) Attributable to Mitsubishi (Billion yen) Corporation] Previous Revised Difference Main points of change forecasts forecasts Industrial 22.0 22.0 0.0 - Finance, Logistics & Development Energy 130.0 130.0 0.0 - Business Metals 185.0 35.0 -150.0 Impact of longer-than-anticipated strike action at an Australian resource-related (coking coal) subsidiary, and lower sales prices, etc. Machinery 60.0 60.0 0.0 - Chemicals 40.0 30.0 -10.0 Deterioration in market conditions Living 66.0 66.0 0.0 - Essentials Others (3.0) (13.0) -10.0 Additional risk of write-downs of marketable securities (available for sale) due to weak stock prices, etc. Total 500.0 330.0 -170.0 This information is provided by RNS The company news service from the London Stock Exchange END MSCGLBDGSSBBGDC -0- Oct/19/2012 06:49 GMT
Mitsubishi Corp. MBC Revision of Full-year Earnings Forecasts
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