Mitsubishi Corp. MBC Revision of Full-year Earnings Forecasts

  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
 
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