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Mitsubishi Heavy fiscal Q3 profit falls YOY

Mitsubishi Heavy Industries Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2016, came to ¥73.70 per share, a decrease of 34.4% from ¥112.31 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥24.75 billion, a decline of 34.5% from ¥37.78 billion in the prior-year period.

The normalized profit margin dropped to 2.6% from 4.0% in the year-earlier period.

Total revenue totaled ¥943.74 billion, compared with ¥950.59 billion in the prior-year period, and total operating expenses grew from the prior-year period to ¥913.66 billion from ¥881.17 billion.

Reported net income fell 23.1% year over year to ¥7.71 billion, or ¥22.95 per share, from ¥10.03 billion, or ¥29.80 per share.

As of Feb. 10, US$1 was equivalent to ¥113.57.