Mitsubishi Corp forecasts $2.8 bln hit to annual profit from COVID-19

Lawson

13/08/2020 07:07

TOKYO, Aug 13 (Reuters) - Japanese trading house Mitsubishi
Corp  8058.T  reported on Thursday a 77% plunge in net profit
for the April-June quarter and predicted annual profit will
tumble by 63% as the COVID-19 outbreak will wipe out 300 billion
yen ($2.8 billion) in profit.
    Mitsubishi Chief Financial Officer Kazuyuki Masu also said
it has no plan to boost its stake in Mitsubishi Motors  7211.T 
or to provide any financial support to the automaker, which in
July forecast its second straight year of losses, hurt by a
plunge in sales due in part to the pandemic.  urn:newsml:reuters.com:*:nL3N2EY1RN 
($1 = 106.6700 yen)

 (Reporting by Yuka Obayashi; Editing by Muralikumar
Anantharaman)
 ((Yuka.Obayashi@thomsonreuters.com; +813-4563-2761;))