Mitsubishi Corp forecasts $2.8 billion hit to annual profit from COVID-19

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August 13, 2020

Japanese trading house Mitsubishi Corp reported on Thursday a 77% plunge in net profit for the AprilJune quarter and predicted annual profit will tumble by 63% as the COVID19 outbreak will wipe out 300 billion yen ($2.8 billion) in profit.

Reuters

Last Updated: August 13, 2020, 12:33 PM IST

TOKYO Japanese trading house Mitsubishi Corp reported on Thursday a 77% plunge in net profit for the April-June quarter and predicted annual profit will tumble by 63% as the COVID-19 outbreak will wipe out 300 billion yen ($2.8 billion) in profit.

Mitsubishi Chief Financial Officer Kazuyuki Masu also said it has no plan to boost its stake in Mitsubishi Motors or to provide any financial support to the automaker, which in July forecast its second straight year of losses, hurt by a plunge in sales due in part to the pandemic.

($1 = 106.6700 yen)

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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Mitsubishi Corp forecasts $2.8 billion hit to annual profit from COVID-19

Japanese trading house Mitsubishi Corp reported on Thursday a 77% plunge in net profit for the AprilJune quarter and predicted annual profit will tumble by 63% as the COVID19 outbreak will wipe out 300 billion yen ($2.8 billion) in profit.

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