Mitsubishi Corp.'s group net profit in fiscal 2002 rose 3.2 percent from the previous year thanks to strong results at its food and metal resources affiliates.
The trading house reported Wednesday a group net profit of 62.27 billion yen -- or 39.76 yen per share, up from 38.50 yen per share the previous year -- on a 0.7 percent gain in revenues to 13.32 trillion yen.
The figures are in line with Mitsubishi's revised forecast released in April, in which it lowered its group net profit projection of 85 billion yen, citing heavy appraisal losses on its equity holdings. Also contributing to the profitability was a record 39.7 billion yen gain in proceeds from investments in affiliated firms. , Mitsubishi said in a report based on U.S. accounting standards.
Mitsubishi's group pretax profit fell 38.9 percent to 60.83 billion yen, dragged down by a 43.16 billion yen appraisal loss on securities holdings.
Mitsubishi left its full-year dividend unchanged at 8 yen per share, including a 4 yen interim dividend.
For the current business year, Mitsubishi expects its group net profit to rise to 100 billion yen on revenues of 14.3 trillion yen on the assumption of lower stock valuation losses and loan-loss reserves, as well as effects of the planned affiliation of a steel product unit.