Mitsubishi’s Offshore Wind Projects Lead to $342 Million Loss Mitsubishi’s Offshore Wind
Mitsubishi Corp Takes $342 Million Loss on Offshore Wind Projects
Japan’s Mitsubishi Corp reported a 52.2 billion yen ($342.4 million) loss on its offshore wind projects in the nine months ending in December.
The company said on Monday that it is reviewing its wind projects in Japan due to a changing business environment. This shows that Japan is also affected by rising costs in the global offshore wind industry.
In 2021, Mitsubishi-led groups won three offshore wind projects in Japan’s first state-run auction.
Despite the wind project losses, Mitsubishi’s net profit for the nine-month period rose by 19% to 827.4 billion yen, thanks to strong LNG sales and asset sales.
The company kept its profit forecast for the full fiscal year ending in March at 950 billion yen.
(Exchange rate: $1 = 152.46 yen)
