financetom
Business
financetom
/
Business
/
Mitsubishi books $342 million charge on Japan offshore wind projects
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Mitsubishi books $342 million charge on Japan offshore wind projects
Feb 5, 2025 11:16 PM

TOKYO (Reuters) - Japan's Mitsubishi Corp ( MSBHF ) took a 52.2 billion yen ($342.4 million) impairment charge on its domestic offshore wind projects in the nine-month period ended in December, it said on Thursday.

The trading house said on Monday it is reviewing how to proceed with its offshore wind projects in Japan given a "significantly changed" business environment, showing that the country is not immune to rising costs across offshore wind projects globally.

Mitsubishi ( MSBHF )-led consortia won all three offshore wind farm projects in Japan's first state-run auctions in 2021.

On Thursday, the company posted a 19% increase in nine-month net profit to December to 827.4 billion yen owing to gains in its liquefied natural gas (LNG) business and asset sales, it said.

Mitsubishi ( MSBHF ) kept its forecast for the full fiscal year ending in March unchanged at 950 billion yen.

($1 = 152.4600 yen)

(This story has been corrected to fix the impairment charge to 52.2 billion yen, not 66.8 billion yen)

(Reporting by Katya Golubkova, Yuka Obayashi and Satoshi Sugiyama; Editing by Jacqueline Wong and Muralikumar Anantharaman)

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Northern Oil and Gas Prices 7.2 Million Share Offering
Northern Oil and Gas Prices 7.2 Million Share Offering
Mar 12, 2026
03:45 AM EDT, 03/12/2026 (MT Newswires) -- Northern Oil and Gas ( NOG ) said late Wednesday it priced an offering of 7.2 million shares of common stock. The company said it granted a 30-day option to the underwriter to acquire up to 1 million shares. The offering is slated to close on Friday, subject to customary closing conditions. Northern...
UBS to settle lawsuit with whistleblower, court filings show
UBS to settle lawsuit with whistleblower, court filings show
Mar 12, 2026
March 12 (Reuters) - UBS has reached an agreement in principle with whistleblower Trevor Murray, a former bond strategist who accused the Swiss bank of firing him in retaliation for refusing to publish misleading research reports, U.S. court filings on Wednesday showed. The parties expect to reach a final settlement within 30 days, according to a joint statement by UBS...
Cemex to Divest Colombia Assets in Deals Worth About $555 Million
Cemex to Divest Colombia Assets in Deals Worth About $555 Million
Mar 12, 2026
03:45 AM EDT, 03/12/2026 (MT Newswires) -- Cemex (CX) said Thursday it is divesting certain operations in Colombia through several transactions expected to generate about $555 million in total proceeds. The company said it has agreed to sell a cement plant, a grinding mill, and a portfolio of ready-mix concrete, aggregates, mortar, and admixture plants to Holcim Group for about...
Tesla set to start supplying UK homes with electricity
Tesla set to start supplying UK homes with electricity
Mar 12, 2026
LONDON, March 12 (Reuters) - Elon Musk's Tesla can soon start supplying British homes with electricity after it was granted a licence on Thursday, bringing a new competitor into the market at a time of heightened worries over rising bills. The country's energy regulator Ofgem said Tesla Energy Ventures, a unit of Tesla, had now been approved as an electricity...
Copyright 2023-2026 - www.financetom.com All Rights Reserved