Mitsubishi says a trader executed unauthorised transactions disguised as legitimate hedges for customers.
“While the losses should be one-off, they will weigh on earnings in the second quarter,” analyst Akira Morimoto wrote in a note dated Sept 20. Against a backdrop of recent declines in coking coal prices, it seems likely that the firm will have to cut its full-year net income guidance of 600 billion yen , he said.
The Chinese national, whom the company declined to name, was fired and reported to police, according to a statement.His estimate for Mitsubishi’s full-year profit of 582 billion yen excludes the oil trading losses.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more: