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Mitsubishi Chemical fiscal Q4 profit climbs 71.8% YOY

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Mitsubishi Chemical fiscal Q4 profit climbs 71.8% YOY

Mitsubishi Chemical Holdings Corp. said its normalized net income for the fiscal fourth quarter ended March 31 amounted to ¥25.94 per share, a gain of 67.6% from ¥15.48 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥38.96 billion, a gain of 71.8% from ¥22.68 billion in the year-earlier period.

The normalized profit margin increased to 4.2% from 2.3% in the year-earlier period.

Total revenue decreased year over year to ¥925.45 billion from ¥969.75 billion, and total operating expenses declined 7.9% from the prior-year period to ¥845.25 billion from ¥918.02 billion.

Reported net income increased 63.5% year over year to ¥24.56 billion, or ¥16.36 per share, from ¥15.02 billion, or ¥10.25 per share.

For the year, the company's normalized net income totaled ¥80.78 per share, compared to EPS of ¥76.08 in the prior year.

Normalized net income was ¥119.13 billion, a rise from ¥111.51 billion in the prior year.

Full-year total revenue fell year over year to ¥3.376 trillion from ¥3.823 trillion, and total operating expenses declined on an annual basis to ¥3.098 trillion from ¥3.543 trillion.

The company said reported net income rose 231.0% year over year to ¥153.67 billion, or ¥104.20 per share, in the full year, from ¥46.43 billion, or ¥31.68 per share.

As of June 27, US$1 was equivalent to ¥112.23.