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Earnings

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

The logo of Mitsubishi Corp is pictured at its head office in Tokyo, Japan August 2, 2017. REUTERS/Kim Kyung-Hoon

TOKYO (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.

Reporting by Yuka Obayashi; Editing by Muralikumar Anantharaman

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