TOKYO, Aug 13, 2020 - (JCN Newswire) - Mitsubishi Corporation reports revenues of ¥2,667.4 billion, a decrease of ¥1,273.9 billion, or 32% year over year. This was mainly due to decreased transaction volumes in the Petroleum business and the Steel business.
Gross profit was ¥379.7 billion, a decrease of ¥104.2 billion, or 22% year over year, mainly due to decreased market prices in the Australian metallurgical coal business and a decrease in franchise commissions from franchise stores in the convenience store business.
Selling, general and administrative expenses was ¥344.9 billion, a decrease of ¥9.8 billion, or 3% year over year, mainly due to reductions in business activities due to the impact of COVID-19.
Gains on investments decreased ¥6.0 billion, or 41% year over year, to ¥8.7 billion, mainly due to worsened fund evaluation profit and loss and the rebound from gains on sales due to asset replacements and business reorganization in the previous year.
Impairment losses on property, plant and equipment and others remained nearly the same year over year at ¥1.3 billion.
Other income (expense)-net improved ¥7.6 billion, or 52% year over year, to an expense amount of ¥7.0 billion, mainly due to gains and losses related to foreign currency exchange.
Finance income decreased ¥32.3 billion, or 63% year over year, to ¥18.6 billion, mainly due to decreased dividend income from resource-related investments.
Share of profit of investments accounted for using the equity method decreased ¥46.4 billion, or 76% year over year, to ¥14.8 billion, mainly due to impairment losses on property, plant and equipment and decreased vehicle sales in Mitsubishi Motors Corporation.
As a result, profit before tax decreased ¥166.6 billion, or 75% year over year, to ¥56.0 billion. Accordingly, profit for the period decreased ¥124.5 billion, or 77% year over year, to ¥36.7 billion.
For the full report, visit https://bit.ly/3iFZ8NT.
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/.
Source: Mitsubishi Corporation
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