Mitsubishi Corp said it had a difficult first quarter as net profit plunged 77% due to the coronavirus pandemic, which it said is likely to wipe 300 billion yen ($2.8 billion) off its full-year profit.”We had a tough start due to the coronavirus pandemic, which is said to be an unprecedented crisis,” Mitsubishi Chief Financial Officer Kazuyuki Masu told a news conference.Net profit fell to 36.7 billion yen in April-June, from 161.2 billion yen a year earlier, the company said, attributing 100 billion yen of the decline to the impact of the coronavirus and the rest to one-off gains a year earlier among other factors.The group said it expects its auto business, including the contribution of Mitsubishi Motors, to be in the red for the full year and sees profit at its metals business dropping 70%.Mitsubishi forecast that its overall annual profit is set to fall 63% to 200 billion yen, from 535 billion yen last year. However, it kept its annual dividend forecast of 134 yen per share.Around 300 billion yen of the annual decline in profit will be due to the impact of the pandemic, it said, with automobile and resources – which includes metals and liquefied natural… Read full this story
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