Gross profit falls 14 per cent over nine months at Mitsubushi Corp

FTSE 250-listed global integrated business enterprise Mitsubushi Corporation posted a 14 per cent decline in its gross profit to 744.7bn yen (approximately 5.1bn pounds) in the nine months to December 31st, a trading update has disclosed.

The company, which develops and operates businesses across a range of industries, indicated that the reduction in gross profit reflected lower sales prices at an Australian coking coal subsidiary.

Selling, general and administrative expenses increased 20.1bn yen, or 3.0%, to 652.1bn yen, mainly due to higher expenses in line with business expansion.

Although other income-net decreased due to factors such as deterioration in foreign exchange gains and losses, net financial income improved the group said due to higher dividend income from resource-related business investees.

As a result, income before taxes and equity earnings of affiliated companies declined 128.1bn yen, or 35%, to 241.2bn yen.

MF