Mitsubishi Materials sees higher growth

Mitsubishi Materials Corp has set a group net profit target of Y53 billion in the fiscal year ending March 2010 under its three-year business plan. The Tokyo-based maker of nonferrous metals and electronic parts said it is also aiming for a group operating profit of Y85 billion and sales of Y1.410 trillion in the year to March 2010.

Under the new business plan, which focuses on strengthening its core copper, cement and electronics parts making business, Mitsubishi Materials said it aims to maintain the level of recent profitability by maintaining a pretax profit of around Y100 billion, despite expected falls in copper prices.

For this fiscal year, Mitsubishi Materials expects Y66 billion in group net profit, Y103 billion in pretax profit and Y1.400 trillion in sales. For this fiscal year, Mitsubishi Materials expects Y66 billion in group net profit and Y1.400 trillion in sales. The company also plans Y250 billion in capital spending over the three years to March 2010.