Newsletter #434 (View other news stories)
MHI expects loss for first half results
Tokyo, Japan
Thursday, 29 Oct 2009
Mitsubishi Heavy Industries Ltd (MHI) expects a net loss of JPY3.1 billion (USD33.7 million) for the first half of its fiscal year ending March 2010.
This compares with a profit of JPY29.0 billion (USD315.0 million) for the same period last fiscal year.
MHI said last Friday that it estimates its net sales for the first half of its fiscal year will fall 16.1% to JPY1,321 billion (USD14.4 billion), compared to the same period a year earlier. Operating income is expected to drop 65.5% to JPY25.1 billion (USD272.7 million).
Falling demand for MHI’s industrial machinery, including forklifts and machine tools, and the yen’s strength, have hurt the company’s profitability.
The Tokyo Stock Exchange’s timely disclosure rules require MHI disclose its estimated consolidated financial results estimates when the results are expected to diverge widely from the actual results for the same period of the previous fiscal year. MHI will disclose its actual first-half results with its outlook on 30 October.
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