Mitsubishi's semiannual net profit halved on lower commodity price

Fri. October 30, 2009; Posted: 10:52 AM

TOKYO, Oct 30, 2009 (Kyodo News International - McClatchy-Tribune Information Services via COMTEX) -- MSBHY | Quote | Chart | News | PowerRating -- Mitsubishi Corp. said Friday its group net profit was more than halved in the first half of fiscal 2009 from a year earlier due to commodity price drops amid a global economic downturn.

In its consolidated earnings report for the April-September period, the major Japanese trading house said its net profit was 137.42 billion yen, down 52.5 percent from the same period a year earlier.

Its group operating profit was 96.55 billion yen, dropping 69.1 percent, on sales of 8.07 trillion yen, down 38.8 percent.

Mitsubishi said it saw signs of improvement in the Japanese economy during the fiscal first half, thanks to government economic stimulus measures, but still noted weakness in the economy due to sluggish domestic and overseas demand.

For the whole current business year through next March, Mitsubishi forecasts its group net profit to drop 35.1 percent from the previous year to 240 billion yen, and operating profit at 184 billion yen, down 68.8 percent, on a 22.7 percent drop in sales to 17.3 trillion yen.

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