Consolidated operating transactions in the fiscal year ended March 31, 2010 totaled 17,098.7 billion yen, down 5,290.4 billion yen, or 23.6%, year on year, mainly because of lower commodity prices than in the previous fiscal year. Gross profit declined 446.5 billion yen, or 30.5%, to 1,016.7 billion yen, mainly reflecting the impact of lower coking coal prices, lower sales volumes of steel products accompanying falling demand, and commodity price falls across the board.
Selling, general and administrative expenses decreased 35.0 billion yen, or 4.0%, to 830.5 billion yen. This decline resulted from lower general and administrative expenses, including travel, transportation and entertainment expenses, as well as lower selling expenses in line with a drop in sales volumes.
Other P/L items collectively had a positive effect on earnings, mainly reflecting an improvement in gain (loss) on marketable securities and investments-net due to lower write-downs of shares year on year and gains on the sale of shares, as well as an improvement in foreign exchange gains and losses. On the other hand, there was a decrease in dividend income on account of lower resource prices.
As a result, income from continuing operations before income taxes decreased 94.0 billion yen, or 24.2%, to 294.3 billion yen.
Net equity in earnings of affiliated companies declined 43.4 billion yen, or 27.7%, to 113.4 billion yen, mainly due to lower earnings at overseas resource-related companies.
Accordingly, consolidated net income attributable to Mitsubishi Corporation dropped 96.8 billion yen, or 26.2%, to 273.1 billion yen.
