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Mitsubishi Heavy fiscal Q2 profit climbs 99.6% YOY

Mitsubishi Heavy Industries Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 was ¥120.45 per share, a gain of 99.5% from ¥60.37 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥40.52 billion, a gain of 99.6% from ¥20.30 billion in the year-earlier period.

The normalized profit margin climbed to 4.5% from 2.7% in the year-earlier period.

Total revenue rose 18.6% year over year to ¥899.40 billion from ¥758.08 billion, and total operating expenses increased 16.6% from the prior-year period to ¥837.19 billion from ¥717.94 billion.

Reported net income fell 19.3% year over year to ¥15.47 billion, or ¥46.00 per share, from ¥19.17 billion, or ¥57.00 per share.

As of Nov. 7, US$1 was equivalent to ¥114.96.