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4-Traders Homepage  >  Equities  >  Tokyo  >  Mitsubishi Materials Corp    5711   JP3903000002

MITSUBISHI MATERIALS CORP (5711)
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Mitsubishi Materials : cuts earnings forecast due to data cheating scandal

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02/13/2018 | 01:21pm CEST
A monitor showing the logo of Mitsubishi Materials Corp is seen in Tokyo

TOKYO (Reuters) - Japan's Mitsubishi Materials Corp (>> Mitsubishi Materials Corp) cut its annual operating profit forecast by 7 percent on Tuesday in the wake of a data cheating scandal, which it said had hurt its metals sales.

TOKYO (Reuters) - Japan's Mitsubishi Materials Corp (>> Mitsubishi Materials Corp) cut its annual operating profit forecast by 7 percent on Tuesday in the wake of a data cheating scandal, which it said had hurt its metals sales.

The company also announced that Chairman Hiroshi Yao will step down on April 1 to become an advisor. The move was Yao's own decision and not to take responsibility for the data fabrication, a company spokesman said.

The Mitsubishi group company first revealed in November that its subsidiaries falsified data about products, including parts for aircraft and automobiles. It has announced further such discoveries since then, including last week when it said it had found additional examples of product data falsification at three of its subsidiaries.

On Tuesday the company said it had cut its operating profit forecast for the year ending in March, 2018, to 70 billion yen (468.31 million pounds) as its data falsification is expected to reduce its sales in metals, aluminium and advanced materials by 2-3 billion yen.

Mitsubishi Materials also said it expects a special loss of about 4-5 billion yen due to the cost of investigating the data cheating, but it kept its full-year net profit forecast unchanged due to special gains from selling its assets and higher dividend from its copper mines.

Japanese companies are facing growing pressure to disclose quality-assurance failings after widespread data falsification was uncovered at Kobe Steel Ltd (>> Kobe Steel, Ltd.).

Japan's industry ministry said on Tuesday that Tachibana Metal MFG Co, one of the Mitsubishi Materials units that falsified quality data, had lost the Japanese Industrial Standards (JIS) certification for its aluminium products.

(Reporting by Yuka Obayashi; Editing by Susan Fenton)

Stocks treated in this article : Mitsubishi Materials Corp, Kobe Steel, Ltd.
Stocks mentioned in the article
ChangeLast1st jan.
KOBE STEEL, LTD. -2.06% 1142 End-of-day quote.8.35%
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Financials ( JPY)
Sales 2019 1 612 B
EBIT 2019 -
Net income 2019 41 743 M
Debt 2019 473 B
Yield 2019 2,82%
P/E ratio 2019 10,00
P/E ratio 2020 9,13
EV / Sales 2019 0,55x
EV / Sales 2020 0,56x
Capitalization 406 B
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Average target price 3 605  JPY
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Akira Takeuchi President & Representative Director
Osamu Iida Representative Director & Senior GM-Technology
Yukio Okamoto Independent Outside Director
Hiroshi Yao Director
Nobuo Shibano Director
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