Mitsubishi Chemical Group (TYO:4188) anticipates a 20 billion yen impairment loss in the third quarter of fiscal 2025 after it halted plans for a new methyl methacrylate (MMA) monomer plant in Geismar, Louisiana, US, according to its Tuesday filing.
This followed the Japanese company's failed negotiations with customers in securing long-term commitments amid rising capital costs from inflation.
Mitsubishi Chemical Group slashed its attributable profit forecast for the fiscal year ending March 31, 2025, to 52 billion yen from 119.6 billion and sales revenue to 4.39 billion yen from 4.47 billion yen.
Mitsubishi Chemical Group's shares shed over 2% at market close.
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