Mitsubishi Chemical Group raised its full-year net profit forecast by approximately 14%, from the previous ¥127 billion to ¥145 billion. On an IFRS basis, first-half profit was ¥90.1 billion, down 18.1% year on year, but the company indicated that it expected to return to profitability in the second half.
Mitsubishi Chemical Group announced its results during the afternoon session on 5 November, raising its consolidated net profit forecast by 14.2% from the previous ¥127 billion to ¥145 billion. The expected increase in profit compared with the previous fiscal year’s ¥11.8 billion has expanded.
For the second-quarter cumulative period (April-September), consolidated net profit fell 18.1% year on year to ¥90.1 billion, although sales and operating profit remained firm and the operating margin improved.
Based on first-half results and the full-year plan, consolidated net income for the October-March period is estimated at ¥54.8 billion in the black, representing a turnaround from a ¥98.3 billion loss in the same period of the previous year.
The earnings release and related materials include disclosures of the outlook and figures concerning future progress, and readers are directed to review the latest earnings release as well.