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Mitsubishi Heavy fiscal Q3 profit climbs 25.7% YOY

Mitsubishi Heavy Industries Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, amounted to ¥112.31 per share, an increase of 25.7% from ¥89.37 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥37.78 billion, a gain of 25.7% from ¥30.07 billion in the prior-year period.

The normalized profit margin increased to 4.0% from 3.3% in the year-earlier period.

Total revenue rose on an annual basis to ¥950.59 billion from ¥924.21 billion, and total operating expenses climbed from the prior-year period to ¥881.17 billion from ¥870.78 billion.

Reported net income fell 69.8% year over year to ¥10.03 billion, or ¥29.80 per share, from ¥33.17 billion, or ¥98.59 per share.

As of Feb. 5, US$1 was equivalent to ¥117.16.