Coke prices cut Mitsubish profit

GROSS profit for Mitsubishi Corporation’s coking coal subsidiary in Australia fell 14% – or 124.6 billion yen ($US1.3 billion) – to 744.7 billion yen, mainly due to lower sales prices, in the nine months to December 2012.

Noel Dyson

Cash and cash equivalents at December 31 were 1308.5 billion yen, up 55.5 billion yen from March 31, 2012.

Net cash provided by operating activities was 314.6 billion yen.

This was mainly due to cash flows from operating transactions at subsidiaries and dividend income from investees, mainly resource-related businesses, despite an increase in cash requirements due to changes in assets and liabilities associated with operating activities.

Besides the coking coal downturn, the rest of Mitsubishi’s business segments posted fairly positive returns for the nine months to December 31.

The company said there had been no change to the consolidated earnings forecast for the full year to March 31 that it announced on October 19.

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