Mitsubishi books US$439 million charge on Japan offshore wind projects
The logo of Mitsubishi Corp is pictured at its head office in Tokyo, Japan August 2, 2017. REUTERS/Kim Kyung-Hoon/ File Photo
TOKYO: Japan's Mitsubishi Corp took a ¥66.8 billion (US$438.61 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-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 per cent increase in nine-month net profit to December to ¥827.4 billion owing to gains in its liquefied natural gas (LNG) business and asset sales, it said.
Mitsubishi kept its forecast for the full fiscal year ending in March unchanged at ¥950 billion.
