Mitsubishi Corp., a Japanese company, announced on Thursday that it had taken a 66.8-billion-yen ($438.61-million) impairment charge for its domestic offshore wind project in the nine months ended in December.

The trading house announced on Monday that it will review how to proceed with offshore wind projects in Japan, given the "significantly altered" business environment. This shows that Japan is not immune from rising costs for offshore wind projects worldwide.

Mitsubishi-led consortiums won all three offshore projects in Japan's 2021 first state-run auctions.

The company reported that its net profit for the nine months ended in December rose by 19% to 827.4 trillion yen, mainly due to gains from its LNG business and asset sale.

Mitsubishi's forecast for the fiscal year that ends in March remained unchanged at 950 billion Japanese yen. $1 = 152.3000 Japanese yen (Reporting and editing by Jacqueline Wong, Muralikumar Anantharaman and Jasqueline Wong)

(source: Reuters)