Mitsubishi HC Capital : Financial Results for the 1st Quarter of Fiscal Year Ending March 31, 2024
August 10, 2023 at 02:23 am EDT
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Financial Results
for the 1st Quarter of Fiscal Year Ending March 31, 2024
Mitsubishi HC Capital Inc.
August 10, 2023
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Definitions of Terms and Figures Used in this Presentation
MHC: Mitsubishi HC Capital
MUL: Mitsubishi UFJ Lease & Finance
HC: Hitachi Capital
JSA: Jackson Square Aviation (Aircraft leasing company)
Progress against the financial forecast for FYE 3/2024 (net income: 120.0 billion yen) was 29.3%.
Financial forecast for FYE 3/2024 remains unchanged.
Gross profit increased by 1.3 billion yen (1.5%) YoY to 94.6 billion yen.
Gross profit for 1Q FYE 3/2024 increased by 1.3 billion yen (1.5%) YoY to 94.6 billion yen mainly thanks to the growth of the aviation business and the positive effects by adjusting fiscal period associated with the reorganization of subsidiaries* in the Americas, while lowered profitability caused by rising cost of funds in subsidiaries mainly in Europe and the Americas in the Global Business segment and the negative effects by the deconsolidation of DAF and CA in FYE 3/2023.
Recurring income decreased by 4.1 billion yen (10.0%) YoY to 37.7 billion yen.
Recurring income for 1Q FYE 3/2024 decreased by 4.1 billion yen (10.0%) YoY to 37.7 billion yen mainly due to an increase in expenses associated with the promotion of business activities in subsidiaries mainly in Europe and the Americas, and an increase in credit costs in line with the worsening market condition in the Americas in the Global Business segment.
Net income increased by 3.0 billion yen (9.6%) YoY to 35.1 billion yen.
Net income for 1Q FYE 3/2024 increased by 3.0 billion yen (9.6%) YoY to 35.1 billion yen mainly thanks to posting of extraordinary income in the real estate business as a result of making CPD our wholly-owned subsidiary.
* Refer to page 8 for details.
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Mitsubishi HC Capital Inc. published this content on 10 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 August 2023 06:22:15 UTC.
Mitsubishi HC Capital Inc, formerly Mitsubishi UFJ Lease & Finance Co Ltd, is a Japan-based company mainly engaged in the financial business. The Company operates in two business segments. The Customer Finance segment is engaged in the finance lease and installment sale of machinery, equipment and fixtures, as well as the provision of monetary loan services and other related financial services. The Asset Finance segment is engaged in the operating lease of machinery and transportation equipment, the investment and loan businesses related to real estate, the management of securities, the finance business related to aircrafts and ships, as well as the leasing of office buildings.