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Mitsubishi Heavy swings to profit in fiscal Q1

Mitsubishi Heavy Industries Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to ¥35.09 per share, compared with a loss of ¥29.25 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥11.81 billion, compared with a loss of ¥9.82 billion in the prior-year period.

The normalized profit margin climbed to 1.3% from negative 1.2% in the year-earlier period.

Total revenue rose year over year to ¥888.25 billion from ¥847.28 billion, and total operating expenses increased 6.0% year over year to ¥872.05 billion from ¥822.38 billion.

Reported net income totaled ¥4.43 billion, or ¥13.18 per share, compared with a loss of ¥12.11 billion, or a loss of ¥36.08 per share, in the prior-year period.

As of Aug. 10, US$1 was equivalent to ¥109.48.