Mitsubishi Materials announced its results after the close on 11 November, reporting second-quarter cumulative ordinary profit of ¥157.9 billion, up 9.5-fold year on year. It raised its full-year ordinary profit forecast from ¥180 billion to ¥220 billion.
Mitsubishi Materials reported consolidated ordinary profit of ¥157.9 billion for the second-quarter cumulative period (April-September) of the current fiscal year, a substantial increase year on year.
The company raised its full-year ordinary profit forecast from the previous ¥180 billion to ¥220 billion. Ordinary profit is now expected to rise 2.3-fold, compared with the previous forecast of an 84.5% increase. This further lifts the record-high profit forecast, which was expected to be the first in 19 periods.
Ordinary profit for the latest July-September quarter (2Q) surged 6.3-fold year on year to ¥106 billion, while the operating profit margin on sales improved from 3.4% to 12.9%.
Based on the full-year plan, ordinary profit in the second half, covering October-March, would come to approximately ¥62 billion, representing a decline.