Mitsubishi Books $3.8 Billion Impairment, Expects Loss
- Net loss of 150 billion yen expected for current fiscal year
- Mitsubishi had forecast 300 billion yen profit in February
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Mitsubishi Corp., Japan’s largest trading house, expects to book an impairment charge of 430 billion yen ($3.8 billion) primarily on its metals and energy businesses to reflect the plunge in commodity prices, leading to a first-ever annual loss for the company on a group basis.
The net loss will likely total 150 billion yen in the 12 months ending March 31, compared with net income of 400.6 billion yen the previous year, according to a regulatory statement issued Thursday by the Tokyo-based trader. As recently as February, Mitsubishi was forecasting annual net income of 300 billion yen.