Mitsubishi Chemical raises fiscal year net profit forecast

Recently, Mitsubishi Chemical raised its performance growth forecast for the fiscal year ending in March 2024. Accordingly, the company's full-year net profit will reach 135 billion yen, a year-on-year increase of 40% and 38 billion yen higher than the previous forecast.

The company recently transferred all shares of a subsidiary that produces pharmaceutical capsules to a French company, and the resulting income has become a factor in the increase in net profit. After the company announced an increase in its profit forecast, the stock's closing price rose 10% from the previous day. Mitsubishi Chemical's fiscal year sales revenue is expected to be 4.455 trillion yen, a year-on-year decrease of 4% and 100 billion yen lower than the previous forecast.

Mitsubishi Chemical said its profitability will improve as industrial natural gas prices rise. In healthcare, sales of drugs to treat amyotrophic lateral sclerosis will increase. This will go some way to making up for the plight of the petrochemical business. Its core operating profit forecast remains unchanged at 250 billion yen, a year-on-year decrease of 23%.

Financial report data from April to September 2023 released on the same day showed that the net profit for the period was 67.2 billion yen, a year-on-year decrease of 9%; sales revenue was 2.1498 trillion yen, a year-on-year decrease of 5%.