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Mitsubishi Heavy fiscal Q2 profit climbs 74.9% YOY

Mitsubishi Heavy Industries Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 was ¥34.32 per share, an increase of 74.5% from ¥19.67 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥11.55 billion, an increase of 74.9% from ¥6.60 billion in the prior-year period.

The normalized profit margin increased to 1.2% from 0.7% in the year-earlier period.

Total revenue increased year over year to ¥937.24 billion from ¥903.24 billion, and total operating expenses climbed year over year to ¥915.21 billion from ¥889.74 billion.

Reported net income came to ¥9.08 billion, or ¥26.97 per share, compared with a loss of ¥6.83 billion, or a loss of ¥20.35 per share, in the prior-year period.

As of Nov. 8, US$1 was equivalent to ¥113.64.