Mitsubishi Estate Posts 12% Decline In Net Profit

Mitsubishi Estate Co MITEY reported around 12% y/y decline in its net profit in the fiscal year ended March 31. Mitsubishi Estate's net profit for the period declined to Y56.51 billion, versus Y64.22 billion, in the year-ago period. Its revenue climbed 2.5% to Y1.013 trillion from Y988.45 billion. For the current fiscal year ending March 2013, Mitsubishi Estate expects a 12% drop in net profit to Y50 billion. It projects an 8.4% drop in operating profit to Y134 billion. Its revenue is projected to fall 8.5% to Y927 billion. Mitsubishi Estate shares closed at $16.36 on Friday.