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Mitsubishi Heavy fiscal Q2 profit falls YOY

Mitsubishi Heavy Industries Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 came to ¥89.28 per share, a decrease of 25.9% from ¥120.45 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥30.04 billion, a decline of 25.9% from ¥40.52 billion in the prior-year period.

The normalized profit margin declined to 3.2% from 4.5% in the year-earlier period.

Total revenue rose 5.7% on an annual basis to ¥950.59 billion from ¥899.40 billion, and total operating expenses climbed 6.7% on an annual basis to ¥893.49 billion from ¥837.19 billion.

Reported net income decreased 49.3% year over year to ¥7.84 billion, or ¥23.27 per share, from ¥15.47 billion, or ¥46.00 per share.

As of Nov. 9, US$1 was equivalent to ¥123.27.