Mitsubishi Corp. - Subsidiary Revision of Earnings Forecasts

Nihon Shokuhin Kako Co

31/10/2018 09:03

RNS Number : 8432F

Mitsubishi Corporation

31 October 2018

 

Oct 31, 2018

 

(Abridged version of report filed with the Tokyo Stock Exchange on Oct 31, 2018)

 

Notice Regarding Revision of Forecast for Non-Consolidated Results for Fiscal Year Ending

March 31, 2019 for Mitsubishi Corporation Subsidiary NIHON SHOKUHIN KAKO CO., LTD.

 

Mitsubishi Corporation (MC) today announced that consolidated subsidiary NIHON SHOKUHIN KAKO CO., LTD. has provided information regarding the revision of its forecast for non-consolidated results for the fiscal year ending March 31, 2019.

 

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

 

Please see attached documents from NIHON SHOKUHIN KAKO CO., LTD for details of revision.

 

 

 

(Translation of report filed with the Tokyo Stock Exchange on Oct 31, 2018)

 

Notice Regarding Revised Forecast for Non-consolidated Results

for Fiscal Year Ending March 31, 2019

 

In light of recent developments in the business environment and its impact on the company's performance, the forecast for non-consolidated results for fiscal year ending March 31, 2019 that were announced on April 27, 2018 have been revised. Please refer to explanatory details below.

 

1.    Revised forecast for non-consolidated results for fiscal year ended March 31, 2019

(for period beginning on April 1, 2018 and ending on March 31, 2019)

Net Sales
 (million yen)
Operating Income
 (million yen)
Ordinary Income
 (million yen)
Net Income
 (million yen)
Net Income
 Per Share (yen)
Previous forecast (A)
47,000
300
600
450
91.5
Revised forecast (B)
46,700
0
300
250
50.8
Difference (B-A)
▲300
▲300
▲300
▲200
-
Difference (%)
▲0.6
▲100
▲50
▲44.4
-
Actual results
 (for fiscal year ended March 31, 2018)
48,196
1,038
1,124
997
202.82

 

Reasons for Revision

   This fiscal year has been particularly challenging for NIHON SHOKUHIN KAKO CO., LTD as net sales fell on the back of low demand and a drop in sales volumes. Profits were also negatively affected by fiercer competition and increases in energy costs associated with rises in crude oil prices, all of which ultimately led to a downward revision in the forecasts for operating income, ordinary income net income and net income per share.

 

2.    Revision of dividend forecast

Annual dividend (yen)
Previous dividend forecast (announced on April 27, 2018)
35
Current dividend forecast
25
Actual dividend (for year ended March 31, 2018)
67.5

 

Reasons for Revision

NIHON SHOKUHIN KAKO CO., LTD's expected dividend per year has been revised downward to 25 yen per share due to the downward revision of earnings forecast for the fiscal year ending March 31, 2019.

 

*The expected values were calculated on the basis of currently available data, but may change in light of future developments.

 

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END

 

 

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