Mitsubishi Materials rebounded sharply. Second-quarter ordinary profit was ¥106.0 billion, 6.3 times the year-earlier level, and the full-year forecast was raised from ¥180.0 billion to ¥220.0 billion. First-half results were ¥157.9 billion, indicating rapid progress and raising expectations of further upside.
Mitsubishi Materials announced its second-quarter results, reporting ordinary profit of ¥106.0 billion, a sharp 6.3-fold increase from the same period a year earlier. The full-year earnings forecast was raised from ¥180.0 billion to ¥220.0 billion and is expected to be approximately 2.3 times the previous fiscal year's result.
This was another major upward revision following the first-quarter results, indicating that recovery in each business is progressing steadily.
First-half results of ¥157.9 billion represented a high rate of progress. The increase is believed to have been supported by higher market prices for tungsten and copper, as well as recovering demand for copper products and electronic materials. The possibility of further upside remains in focus.