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Mitsubishi Heavy swings to loss in fiscal Q1

Mitsubishi Heavy Industries Ltd. said its normalized net income for the fiscal first quarter ended June 30 amounted to a loss of ¥29.25 per share, compared with ¥109.55 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of ¥9.82 billion, compared with income of ¥36.86 billion in the year-earlier period.

The normalized profit margin dropped to negative 1.2% from 4.0% in the year-earlier period.

Total revenue decreased 9.0% on an annual basis to ¥847.28 billion from ¥931.47 billion, and total operating expenses declined 5.8% from the prior-year period to ¥822.38 billion from ¥872.61 billion.

Reported net income came to a loss of ¥12.11 billion, or a loss of ¥36.08 per share, compared with income of ¥35.53 billion, or ¥105.60 per share, in the year-earlier period.

As of Aug. 5, US$1 was equivalent to ¥101.87.