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Mitsubishi books $342 million charge on Japan offshore wind projects
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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)

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