TOKYO: Mitsubishi Corp on Tuesday raised its full-year net profit forecast by 21% to a record 1.03 trillion yen ($7 billion), amid strength in metals and energy segments thanks to higher prices of coking coal and liquefied natural gas (LNG).
Like global energy companies, Japanese trading houses have benefited from surging oil, gas and coal prices this year in the wake of Russia’s invasion of Ukraine.
Mitsubishi boosted its profit outlook for the year to March 31 to over 1 trillion yen from its May estimate of 850 billion yen. The latest forecast was in line with a mean estimate of 1.08 trillion yen in a poll of 10 analysts by Refinitiv.
