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Mitsubishi Chemical fiscal Q4 profit climbs 107.2% YOY

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Mitsubishi Chemical fiscal Q4 profit climbs 107.2% YOY

Mitsubishi Chemical Holdings Corp. said its normalized net income for the fiscal fourth quarter ended March 31 amounted to ¥14.19 per share, a gain of 108.0% from ¥6.82 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥20.80 billion, an increase of 107.2% from ¥10.04 billion in the prior-year period.

The normalized profit margin increased to 2.1% from 1.0% in the year-earlier period.

Total revenue fell on an annual basis to ¥975.93 billion from ¥1.017 trillion, and total operating expenses fell 6.0% year over year to ¥934.52 billion from ¥994.61 billion.

Reported net income came to a loss of ¥14.57 billion, or a loss of ¥9.93 per share, compared with a loss of ¥5.14 billion, or a loss of ¥3.49 per share, in the year-earlier period.

For the year, the company's normalized net income totaled ¥46.04 per share, compared to EPS of ¥24.88 in the prior year.

Normalized net income was ¥67.71 billion, a rise from ¥37.40 billion in the prior year.

Full-year total revenue grew on an annual basis to ¥3.656 trillion from ¥3.499 trillion, and total operating expenses increased year over year to ¥3.491 trillion from ¥3.388 trillion.

The company said reported net income grew on an annual basis to ¥60.85 billion, or ¥41.37 per share, in the full year, from ¥32.24 billion, or ¥21.45 per share.

As of June 24, US$1 was equivalent to ¥124.31.