Japan’s Mitsubishi Q1 net profit up 12% y/y on asset sales, weaker yen

TOKYO : Japanese trading house Mitsubishi posted a 12 per cent year-on-year increase in first-quarter net profit to 354.4 billion yen ($2.37 billion) on Thursday thanks to asset sales and weaker yen, beating estimates.
Mitsubishi had been expected to post a net profit of 290.8 billion yen, according to a LSEG poll of analysts, beating the forecast thanks to the sale of two metallurgical coal mines and depreciation of the yen.
($1 = 149.8400 yen)