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Mitsubishi Heavy fiscal Q4 profit climbs 75.4% YOY

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Mitsubishi Heavy fiscal Q4 profit climbs 75.4% YOY

Mitsubishi Heavy Industries Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 came to ¥177.22 per share, an increase of 75.4% from ¥101.05 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥59.62 billion, an increase of 75.4% from ¥33.98 billion in the year-earlier period.

The normalized profit margin rose to 4.6% from 3.1% in the year-earlier period.

Total revenue increased 20.4% on an annual basis to ¥1.309 trillion from ¥1.087 trillion, and total operating expenses grew 16.9% on an annual basis to ¥1.184 trillion from ¥1.013 trillion.

Reported net income declined 52.3% year over year to ¥39.23 billion, or ¥116.59 per share, from ¥82.22 billion, or ¥244.48 per share.

For the year, the company's normalized net income totaled ¥459.43 per share, compared to EPS rose of ¥338.05 in the prior year.

Normalized net income was ¥154.55 billion, an increase from ¥113.67 billion in the prior year.

Full-year total revenue rose from the prior-year period to ¥3.992 trillion from ¥3.350 trillion, and total operating expenses grew year over year to ¥3.696 trillion from ¥3.143 trillion.

The company said reported net income decreased year over year to ¥110.40 billion, or ¥328.20 per share, in the full year, from ¥160.43 billion, or ¥477.10 per share.

As of June 26, US$1 was equivalent to ¥123.96.