Mitsubishi Corp. said Monday it will log net profits of 42 billion yen in its consolidated earnings report for the April-September first half, up from the 30 billion yen it cited in its initial forecast in May.
The top domestic trading house, which calculates consolidated results under U.S. accounting standards, attributed the upward revision to better-than-expected operating profits, particularly from the machinery and energy sectors.
Moreover, interest payments were lower than anticipated thanks to low interest rates.
The company chalked up net profits of 75.9 billion yen in the first half of 2000.
Mitsubishi's net profits projection for the entire year remains unchanged at 80 billion yen, with economic activity in the United States and Asia expected to weaken in the wake of the Sept. 11 terrorist attacks in New York and Washington.
Mitsubishi has revised its unconsolidated pretax profits forecast for the first half to 25 billion yen from 18 billion yen, but has kept its net profits projection unchanged at 5 billion yen.