Mitsubishi Corporation Subsidiary Chuo Kagaku Co., Ltd. Notices (0565Y)
10 Maio 2021 - 4:16AM
UK Regulatory
TIDM17NX
RNS Number : 0565Y
Mitsubishi Corporation
10 May 2021
May 10, 2021
Mitsubishi Corporation
Subsidiary Chuo Kagaku Co., Ltd. Notices Regarding Revision of
Full-Year Earnings Forecasts;
Recording of Deferred Tax Assets and Extraordinary Loss
Mitsubishi Corporation today announced that consolidated
subsidiary Chuo Kagaku Co., Ltd. (Chuo) has announced the revisions
to its full-year Earnings Forecasts for the fiscal year ending
March 2021 (FY2020). Chuo has also announced that it anticipates
the booking of deferred tax assets and extraordinary losses.
May 10, 2021
(Translation of report filed with the Tokyo Stock Exchange by
Chuo Kagaku Co., Ltd on May 10, 2021)
Notice Regarding Revision of Full-Year Earnings Forecasts;
Recording of Deferred Tax Assets and Extraordinary Loss
Chuo Kagaku Co., Ltd, (Chuo) has announced the following
revisions to its full-year Earnings Forecasts for the fiscal year
ending March 2021 (FY2020). Chuo has also announced that it
anticipates the booking of deferred tax assets and extraordinary
losses.
1. Forecasts
(1) Revised Full-year Consolidated Earnings Forecast for FY2020 (April 1, 2020 to March 31, 2021)
Net Sales Operating Ordinary Net Income Net Income
(million Income Income (million Per Share
yen) (million (million yen) (yen)
yen) yen)
Previous
Forecast (A) 47,600 1,800 1,700 1,400 69.48
---------- ---------- ---------- ----------- -----------
Revised Forecast
(B) 47,936 2,359 2,385 2,170 107.72
---------- ---------- ---------- ----------- -----------
Difference
(B-A) 336 559 685 770
---------- ---------- ---------- ----------- -----------
Difference
(%) 0.7 31.1 40.3 55.0
---------- ---------- ---------- ----------- -----------
Previous Year* 48,034 1,107 751 479 23.78
---------- ---------- ---------- ----------- -----------
* April 1, 2019 to March 31, 2020
(2) Revised Full-Year Non-Consolidated Earnings Forecast for
FY2020 (April 1, 2020 to March 31, 2021)
Net Sales Ordinary Income Net Income Net Income
(million (million yen) (million Per Share
yen) yen) (yen)
Previous
Forecast
(A) 41,400 1,100 900 44.67
---------- ---------------- ----------- -----------
Revised Forecast
(B) 40,854 1,472 1,434 71.18
---------- ---------------- ----------- -----------
Difference
(B-A) - 546 372 534
---------- ---------------- ----------- -----------
Difference
(%) - 1.3 33.8 59.3
---------- ---------------- ----------- -----------
Previous
Year* 42,203 354 95 4.76
---------- ---------------- ----------- -----------
* April 1, 2019 to March 31, 2020
2. Reasons for Revision
As the spread of COVID-19 infections becomes more serious around
the world, Chuo has made every effort to ensure a stable supply of
products through hygiene-and-safety management and the
implementation of infection prevention measures. Chuo has also been
promoting its approach to growth markets and shoring up its
general-purpose container business. In Japan, demand in the event,
restaurant, travel and other traditional consumer industries
continues to decline, however that for ready-to-eat and home-cooked
meals has remained strong due to new work styles and changes in
consumer behavior triggered by COVID-19. Takeout and the use of
food delivery services have steadily become part of the new
normal.
Cognizant of growing global awareness of environmental concerns,
Chuo is also developing and launching a variety of eco-friendly
materials and products. Falling crude oil prices have kept raw
materials prices down, and with the pandemic necessitating
work-style reforms, Chuo has managed to leverage those changes to
improve its operational efficiency. The company is forecasting
increases in both its ordinary and non-consolidated operating
income.
Having examined the possibility of recovering some of the
fixed-asset losses at its plants sometime in the future, Chuo
anticipates booking a loss of 245 million in accordance with
Accounting Standard for Impairment of Fixed Assets. On the other
hand, after having also thoroughly examined the possibility of
recovering deferred-tax assets based on future full year forecast,
Chuo expects to book those assets at the end of March 2021 and gain
472 million yen (in profit) through corporate-tax and other
year-end adjustments. Chuo projects that this will both contribute
to an increase in its ordinary income and bring its
non-consolidated net income in above its initial forecast.
In China, economic activity has returned to normal thanks to a
relatively swift recovery from the COVID-19 pandemic. Changes in
lifestyles, supply of products more cognizant of elevated
environmental awareness, and progress made in optimizing production
at Chuo's three Chinese plants have resulted in a healthy uptick in
performance. As a result, both consolidated ordinary income and net
income are expected to exceed initial forecasts.
Remarks
The above forecasts were prepared based on information available
at the time of this announcement. Actual results may differ from
the forecasts due to a variety of factors.
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