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Mitsubishi UFJ Financial sees first net loss for fiscal 2008
May 19, 2009, 8:32 GMT
Tokyo - Mitsubishi UFJ Financial Group Inc incurred its first net loss since it began business operations as Japan's largest banking group in 2005, it said Tuesday.
Mitsubishi UFJ joined two other megabanks this month to report red ink because of the global financial turmoil.
But all three banking groups expected to return to profit during the current fiscal year that began in April.
During the fiscal 2008 that ended in March, Mitsubishi UFJ saw a net loss of 256.95 billion yen (2.69 billion dollars) against a profit of 636.62 billion yen for fiscal 2007.
The group's revenue declined 11.2 per cent to 5.68 trillion yen.
For the current fiscal year, it projects a net profit of 300 billion yen.
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