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

TOKYO Japanese trading house Mitsubishi Corp 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 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.

($1 = 106.6700 yen)

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