Consolidated operating transactions for the nine months ended December 31, 2009 dropped 5,966.7 billion yen, or 32.4%, year on year to 12,451.5 billion yen, the result of lower commodity prices compared with the corresponding period of the previous fiscal year. Gross profit declined 418.0 billion yen, or 35.8%, to 748.6 billion yen, reflecting the impact of lower coking coal prices, lower sales volumes of steel products accompanying falling demand, and the impact of commodity price falls.
Selling, general and administrative expenses decreased 32.9 billion yen, or 5.0%, to 621.6 billion yen. This decline resulted from lower general and administrative expenses, including travel expenses, and decreased expenses at overseas subsidiaries due to the impact of the yen's appreciation.
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, 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 265.0 billion yen, or 55.1%, to 215.9 billion yen.
Net equity in earnings of affiliated companies declined 67.7 billion yen, or 46.2%, to 78.7 billion yen, mainly due to lower earnings at overseas resource-related companies.
Accordingly, consolidated net income attributable to Mitsubishi Corporation dropped 203.3 billion yen, or 52.3%, to 185.6 billion yen.
