Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  Tokyo Stock Exchange  >  Mitsubishi Corporation    8058   JP3898400001

MITSUBISHI CORPORATION

(8058)
  Report
SummaryChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsPress ReleasesOfficial PublicationsSector news

Mitsubishi : Plans to Liquidate Petro-Diamond Singapore (Pte) Ltd.

share with twitter share with LinkedIn share with facebook
share via e-mail
11/06/2019 | 12:30am EDT

This is to inform you that Mitsubishi Corporation (hereinafter 'MC') has decided to plan to liquidate one of its subsidiaries based in Singapore, Petro-Diamond Singapore (Pte) Ltd. (hereinafter 'PDS').

1. Decision to Liquidate

As previously reported on September 20, an employee who was hired locally by PDS engaged in a series of unauthorized crude-oil derivatives transactions over an extended period. PDS has confirmed that after closing the positions concerned, it will realize a loss of approximately 34.2 billion yen before taxes, which could put the subsidiary's final debt as high as 30.8 billion yen.

MC shall liquidate PDS once the subsidiary has completed its contracted trade of crude oil and petroleum products and its credits and debts have been settled. The detailed schedule of the liquidation shall be determined based on required processes and considerations.

2. Related Operations at PDS and MC

In consultation with all concerned parties, PDS shall fulfill its remaining contractual obligations for the trade of crude oil, naphtha and petroleum products. Meanwhile, MC shall continue its overseas crude oil / naphtha / petroleum products operations once it has reconfirmed that its risk management systems are both sound and thoroughly enforced, taking all possible measures to prevent similar incidents from occurring in the future.

3. Impact on MC's FY2019 Forecast

An estimation of how this loss will impact MC is included in its revised consolidated forecast for the year ending March 2020, which was announced today.

4. Future Prevention

MC and other parties have continued to investigate this incident since the initial announcement was made on September 20. Thus far, we have not confirmed anything that contradicts the information previously reported.

All MC subsidiaries and other MC Group entities engaged in derivatives transactions are expected to tighten their risk management and are committed to preventing any recurrences of this incident.

MC is cooperating fully with the authorities investigating this matter and shall continue to do so throughout and following the liquidation process.

Petro-Diamond Singapore (Pte) Ltd. (PDS)

Address :1 Temasek Avenue #17-01 Millenia Tower, Singapore 039192

Representative :Hideyuki Yamagata

Establishment :May, 1989

Capital :2 million Singapore dollars

Shareholder :Mitsubishi Corporation (100%)

Business Profile :Trading of crude oil / petroleum products based on Singapore

Disclaimer

Mitsubishi Corporation published this content on 06 November 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 November 2019 05:29:03 UTC

share with twitter share with LinkedIn share with facebook
share via e-mail
Latest news on MITSUBISHI CORPORATION
01:43aMITSUBISHI : ALSOK begin joint building management business in Asia
AQ
03/30MITSUBISHI CORPORATION : Ex-dividend day for final dividend
FA
03/29MITSUBISHI : and SOHGO SECURITY SERVICES Agree to Strategic Partnership in Facil..
PU
03/26MITSUBISHI CORP COULD TAKE RENAULT S : sources
RE
03/25MITSUBISHI CORPORATION : and Chubu to acquire Dutch Energy Supply Company "Eneco..
AQ
03/25MITSUBISHI : MC and Chubu to acquire Dutch Energy Supply Company “Eneco&rd..
PU
03/12MITSUBISHI CORPORATION : Establishment of PeptiGrowth Inc. for Development and C..
AQ
03/04Work paused at F-35 jet assembly facility in Japan due to coronavirus, Pentag..
RE
03/02Japan's MUFG cuts Middle East growth forecasts due to coronavirus
RE
03/02Japanese auto sales slide 10% in February, as coronavirus worries deepen
RE
More news
Financials (JPY)
Sales 2020 15 404 B
EBIT 2020 441 B
Net income 2020 477 B
Debt 2020 4 122 B
Yield 2020 5,52%
P/E ratio 2020 7,55x
P/E ratio 2021 6,88x
EV / Sales2020 0,50x
EV / Sales2021 0,50x
Capitalization 3 546 B
Chart MITSUBISHI CORPORATION
Duration : Period :
Mitsubishi Corporation Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends MITSUBISHI CORPORATION
Short TermMid-TermLong Term
TrendsBearishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 9
Average target price 3 057,78  JPY
Last Close Price 2 378,50  JPY
Spread / Highest target 61,9%
Spread / Average Target 28,6%
Spread / Lowest Target 8,05%
EPS Revisions
Managers
NameTitle
Takehiko Kakiuchi President, CEO & Representative Director
Ken Kobayashi Chairman
Mitsuyuki Takada Operations Manager & Executive Officer
Kazuyuki Masu Chief Financial Officer & Representative Director
Hidehiro Konno Independent Outside Director
Sector and Competitors
1st jan.Capitalization (M$)
MITSUBISHI CORPORATION0.88%32 816
ITOCHU CORPORATION5.78%31 897
MITSUI & CO., LTD.1.37%24 883
SUMITOMO CORPORATION1.80%14 860
SAMSUNG C&T CORPORATION9.84%11 789
MARUBENI CORPORATION4.44%9 032