May 8, 2018 / 4:24 AM / 5 months ago

Japan's Mitsubishi Corp says annual profit hits record on higher coal prices

TOKYO, May 8 (Reuters) - Japanese trading house Mitsubishi Corp on Tuesday reported a 27-percent increase in profit to a record for the last financial year due to stronger coking coal prices, and forecast a 7-percent rise for this year.

The company’s net income for the year through March 31 came to 560.17 billion yen ($5.1 billion), compared with its own estimate of 540 billion yen and a mean estimate of 546.54 billion yen among nine analysts surveyed by Thomson Reuters I/B/E/S.

The result surpassed its previous highest profit of 471.3 billion yen reached in the year to March, 2008.

For the year that started in April, Mitsubishi is forecasting profit of 600 billion yen, above a mean estimate of 568.18 billion yen from nine analysts. ($1 = 109.0600 yen) (Reporting by Yuka Obayashi and Aaron Sheldrick)

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