TOKYO, Feb 5, 2019 - (JCN Newswire) - Mitsubishi Corporation posted revenues of Yen12,188.3 billion, an increase of Yen6,504.3 billion, or 114% year over year for the nine months ended December 31, 2018. This was mainly due to an increase of transactions in which identified performance obligations of the Company are transfer of goods as principal and therefore revenue is recognized in the gross amount of consideration with the application of IFRS 15.
Gross profit was Yen1,512.5 billion, an increase of Yen116.2 billion, or 8% year over year, mainly due to higher sales prices in the Australian coal business.
Selling, general and administrative expenses remained nearly flat to the same period of previous year at Yen1,047.5 billion.
Gains on investments decreased Yen15.1 billion year over year, to Yen7.4 billion, mainly due to impairment of investment in Chiyoda Corporation, despite sales and valuation gains on the Overseas offshore wind business.
Impairment losses on property, plant and equipment and others amounted to Yen15.1 billion, an improvement of Yen39.2 billion year over year, mainly due to the rebound from impairments of resource- related assets in the previous year.
Other income (expense)-net decreased Yen25.3 billion year over year, turned into an expense amount of Yen23.6 billion, mainly due to the rebound from one-off gains in the previous year.
Finance income increased Yen12.5 billion, or 9% year over year, to Yen158.2 billion, mainly due to increased interest income driven by higher US dollar interest rate and increased dividend income from resource-related investments.
Share of profit of investments accounted for using the equity method decreased Yen65.4 billion, or 40% year over year, to Yen96.1 billion, mainly due to impairment losses in the Chilean iron ore business and one-off losses from worsening construction-related losses in Chiyoda Corporation.
As a result, profit before tax increased Yen17.5 billion, or 3% year over year, to Yen641.7 billion. Accordingly, profit for the period grew Yen26.0 billion, or 6% year over year, to Yen442.2 billion.
Total assets at December 31, 2018 was Yen16,807.1 billion, an increase of Yen770.1 billion from March 31, 2018. The increase was mainly due to higher cash and cash equivalents, owing to the opening of Lawson Bank, and to higher trade and other receivables stemming from increased transaction volumes and transaction prices.
Total liabilities was Yen10,326.1 billion, an increase of Yen554.3 billion from March 31, 2018. This increase was mainly attributable to higher trade and other payables, in line with an increase in transaction volumes and transaction prices.
Net interest-bearing liabilities, which is gross interest-bearing liabilities minus cash, cash equivalents and time deposits, increased Yen51.8 billion from March 31, 2018, to Yen3,766.0 billion.
Equity attributable to owners of the Parent was Yen5,540.5 billion, an increase of Yen208.1 billion from March 31, 2018. This increase was mainly due to the accumulation of profit for the period.
About Mitsubishi Corporation
Mitsubishi Corporation, headquartered in Tokyo, is a global integrated business enterprise that develops and operates business across virtually every industry including industrial finance, energy, metals, machinery, chemicals, foods, and environmental business. Mitsubishi Corporation's current activities are expanding far beyond its traditional trading operations as its diverse business ranges from natural resources development to investment in retail business, infrastructure, financial products and manufacturing of industrial goods.
For more information on Mitsubishi Corporation, please visit the company's website at https://www.mitsubishicorp.com/jp/en/.
Feb 5, 2019 13:23 HKT/SGT
Source: Mitsubishi Corporation
Mitsubishi Corporation (TSE: 8058)
Topic: Press release summary
Sectors: Daily News
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