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Mitsubishi Heavy fiscal Q1 profit climbs 37.0% YOY

Mitsubishi Heavy Industries Ltd. said its normalized net income for the fiscal first quarter ended June 30 was ¥72.37 per share, an increase of 37.0% from ¥52.83 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥24.34 billion, an increase of 37.0% from ¥17.76 billion in the year-earlier period.

The normalized profit margin climbed to 2.8% from 2.4% in the year-earlier period.

Total revenue climbed 15.0% on an annual basis to ¥859.72 billion from ¥747.49 billion, and total operating expenses climbed 12.8% year over year to ¥803.66 billion from ¥712.17 billion.

Reported net income grew 65.1% on an annual basis to ¥22.53 billion, or ¥67.00 per share, from ¥13.65 billion, or ¥40.60 per share.

As of Aug. 8, US$1 was equivalent to ¥101.85.