Mitsubishi Corp Q1 net up 17% on higher coking coal prices

The company said net profit for April-June was $1.06 bn

Japanese commodities trading giant Mitsubishi Corp said on Wednesday its first-quarter net profit grew 17 per cent as higher coking coal prices boosted earnings.

Mitsubishi, the biggest of Japan's clutch of trading houses by assets, said net profit for April-June was 117.8 billion yen ($1.06 billion), up from 100.8 billion yen in the same period a year earlier.

For the full year through March, Mitsubishi maintained its forecast for net profit at 450 billion yen, up 2.2 per cent from last year but below a mean estimate of 463 billion yen from nine analysts polled by Thomson Reuters I/B/E/S.

The company previously said it expects stronger earnings from its machinery and chemical product businesses this year.