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Japan’s Mitsubishi eyes first loss in its history in Q1

by ChemOrbis Editorial Team -
  • 25/03/2016 (16:17)
According to media reports, Japan’s Mitsubishi Corporation predicts that they will post their first consolidated net loss in the first three months ending on March 31 since the company was established in 1954. The company cited rising risks of writedowns stemming from a slump in energy and metal prices as the main reason behind their expectations as lower commodity prices have forced the company to book JPY260 billion ($2.31 billion) in writedowns so far.

The company expects that they will post a net loss of JPY150 billion ($1.32 billion) in the first quarter of this year. The company’s President Ken Kobayashi attributed the loss to sharper than expected declines in commodity prices.

Some analysts commented that the company had been expected to book writedowns but that the size of the losses was bigger than forecasted.
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