Mitsubishi Corp. - Revision of Forecast for Nihon Shokuhin

Nihon Shokuhin Kako Co

29/01/2021 07:28

RNS Number : 3423N

Mitsubishi Corporation

29 January 2021

 

January 29, 2021

 

(Abridged version of report filed with the Tokyo Stock Exchange on January 29, 2021)

 

Notice Regarding Revision of Forecast for Non-Consolidated Results for

Fiscal Year Ending March 31, 2021 for Nihon Shokuhin Kako Co., Ltd.

 

Mitsubishi Corporation (MC) today announced that its consolidated subsidiary Nihon Shokuhin Kako Co., Ltd. (Nihon Shokuhin) has provided information regarding the revision of its forecast for non-consolidated results for the fiscal year ending March 31, 2021.

 

The current situation is expected to have a negligible impact on MC's consolidated performance.

 

Please see the attached documents from Nihon Shokuhin for details.

 

 

 

 

 

 

 

 

 

January 29, 2021

 

(Translation of report filed with the Tokyo Stock Exchange on January 29, 2021)

 

Notice Regarding Revised Forecast for Non-Consolidated Results

for Fiscal Year Ending March 31, 2021

 

This notice serves to provide information on a revision of Nihon Shokuhin Kako Co., Ltd. (Nihon Shokuhin)'s non-consolidated results forecast for the fiscal year ended March 31, 2021.

 

Details are as follows.

 

1.    Differences between Nihon Shokuhin's forecast for the fiscal year ended March 31, 2021 that was announced on October 30, 2020 and its revised forecast that was announced today

(for period beginning on April 1, 2020 and ending on March 31, 2021)

Net Sales
 (million yen)
Operating Income
 (million yen)
Ordinary Income
 (million yen)
Net Income
 (million yen)
Net Income
 Per Share (yen)
Previous forecast (A)
44,500
850
950
700
142.31
Revised forecast (B)
44,700
1,300
1,350
1,000
203.30
Difference (B-A)
200
450
400
300
-
Difference (%)
0.4%
52.9
42.1%
42.9%
-
Actual results
 (for fiscal year ended March 31,2020)
45,265
11
284
238
48.52

 

2.    Reasons for Differences

Based on Nihon Shokuhin's third quarter results for the fiscal year ended March 2021, it has revised its full-year forecast as indicated above. Actual third-quarter profits exceeded the October 30 forecast due to reductions in fuel and other production costs, as well as lower-than-anticipated selling, general and administrative expenses.

Nihon Shokuhin's expectations that its sales, operating income, ordinary income and net income will exceed its October 30 forecast come despite expectations for lower profits in the fourth quarter due to a sharp rise in the price of corn on the Chicago market, which counter expectations for a slight increase in sales over that same period.

 

 

 

3. Revision for Dividend Forecast

Annual Dividend
End of 1st quarter
End of 2nd quarter
End of 3rd quarter
End of Fiscal year
Total
Previous forecast
( October 30, 2020)
-
-
-
50.00 yen
50.00 yen
Revised forecast
-
-
-
70.00 yen
70.00 yen
Current year results
-
-
-
--
--
Previous year results
 (for fiscal year ended March 31, 2020)
-
-
-
25.00 yen
25.00 yen

 

Reason for Amendment

The year-end dividend has been revised to 70.00 yen per share in accordance with the upward revision of the full-year earnings forecast as stated above.

 

*The above forecasts are based on information currently available, but actual results may vary due to future circumstances.

 

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