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Mitsubishi Corp first-quarter net profit rises 17 percent, lifted by higher coking coal prices

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Mitsubishi Corp first-quarter net profit rises 17 percent, lifted by higher coking coal prices

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TOKYO (Reuters) – Japanese commodities trading giant Mitsubishi Corp <8058.T> said on Wednesday its first-quarter net profit grew 17 percent as higher coking coal prices boosted earnings. Mitsubishi, the biggest of Japan’s clutch of trading houses by assets, said net profit for April-June was 117.8 billion yen ($1.06 billion), up from 100.8 billion yen in the same period a year earlier. For the full year through March, Mitsubishi maintained its forecast for net profit at 450 billion yen, up 2.2 percent from last year but below a mean estimate of 463 billion yen from nine analysts polled by Thomson Reuters I/B/E/S. The company previously said it expects stronger earnings from its machinery and chemical product businesses this year.

(Reporting by Yuka Obayashi; Editing by Kenneth Maxwell)
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