UPDATE 1-Mitsubishi Corp Q3 profit triples, keeps forecast
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[01/31/2006] TOKYO, Jan 31 (Reuters) - Mitsubishi Corp. (8058.T: Quote, Profile, Research) said its net profit more than tripled in the latest quarter and kept its forecast for a third straight year of record annual profits as rising commodity prices boost the value of its investments.
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TOKYO, Jan 31 (Reuters) - Mitsubishi Corp. (8058.T: Quote, Profile, Research) said its net profit more than tripled in the latest quarter and kept its forecast for a third straight year of record annual profits as rising commodity prices boost the value of its investments.
Mitsubishi, Japan's largest trading company, and rivals such as Mitsui & Co. Ltd. (8031.T: Quote, Profile, Research), have enjoyed a bumper year in 2005/06 as a big rise in oil, iron ore and coking coal prices due to booming demand from China has boosted their earnings.
Mitsubishi, a major world supplier of coking coal and liquefied natural gas (LNG), posted a group net profit of 101.7 billion yen ($864.2 million) in the October-December period under U.S. accounting rules.
Analysts do not provide quarterly forecasts for Mitsubishi, but the figures compared to a group net profit of 31.8 billion yen in the same period a year earlier.
Japan's largest trading company also reiterated its target of a record net profit of 340 billion yen in the year to March 31.
That compares to a median forecast of 348 billion yen in a poll of 14 analysts by Reuters Estimates.
Mitsubishi's shares hit a record high of 2,815 yen ahead of the release of the earnings, and were trading at 2,740 yen, down 0.7 percent, as of 0417 GMT, compared to an 0.52 percent rise in the Nikkei average.
Mitsui, Japan's second-biggest trading company, will report its results at 0600 GMT.
Sumitomo Corp. (8053.T: Quote, Profile, Research) on Monday maintained its forecast of a 140 billion yen net profit for the year to March, which would represent a 65 percent rise from a year earlier.
Japan's trading companies, which have played middlemen in the trade of everything from rockets to Italian suits in the postwar period, have refashioned their business models in the last decade, focusing on areas like energy, finance and commodities.
Mitsubishi owns a large coking coal mine in Australia jointly with the world's largest miner, BHP Billiton (BLT.L: Quote, Profile, Research).
Shares in Mitsubishi, which are around one third foreign owned, rose 16.5 percent in Oct-Dec, lagging an 18.7 percent rise in the benchmark Nikkei average <.N225>.
Mitsubishi, Japan's largest trading company, and rivals such as Mitsui & Co. Ltd. (8031.T: Quote, Profile, Research), have enjoyed a bumper year in 2005/06 as a big rise in oil, iron ore and coking coal prices due to booming demand from China has boosted their earnings.
Mitsubishi, a major world supplier of coking coal and liquefied natural gas (LNG), posted a group net profit of 101.7 billion yen ($864.2 million) in the October-December period under U.S. accounting rules.
Analysts do not provide quarterly forecasts for Mitsubishi, but the figures compared to a group net profit of 31.8 billion yen in the same period a year earlier.
Japan's largest trading company also reiterated its target of a record net profit of 340 billion yen in the year to March 31.
That compares to a median forecast of 348 billion yen in a poll of 14 analysts by Reuters Estimates.
Mitsubishi's shares hit a record high of 2,815 yen ahead of the release of the earnings, and were trading at 2,740 yen, down 0.7 percent, as of 0417 GMT, compared to an 0.52 percent rise in the Nikkei average.
Mitsui, Japan's second-biggest trading company, will report its results at 0600 GMT.
Sumitomo Corp. (8053.T: Quote, Profile, Research) on Monday maintained its forecast of a 140 billion yen net profit for the year to March, which would represent a 65 percent rise from a year earlier.
Japan's trading companies, which have played middlemen in the trade of everything from rockets to Italian suits in the postwar period, have refashioned their business models in the last decade, focusing on areas like energy, finance and commodities.
Mitsubishi owns a large coking coal mine in Australia jointly with the world's largest miner, BHP Billiton (BLT.L: Quote, Profile, Research).
Shares in Mitsubishi, which are around one third foreign owned, rose 16.5 percent in Oct-Dec, lagging an 18.7 percent rise in the benchmark Nikkei average <.N225>.
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