News story

Mitsubishi Heavy incurs loss

Thursday, 4 November 2004 ( #182 ) - TOKYO, Japan
The earnings of Mitsubishi Heavy Industries Ltd fell in the six months to September 30 as a stronger yen and rising steel prices put pressure on its profits.

The firm, which manufactures heavy machinery and equipment, including forklifts, said its interim group net loss widened to JPY21.53 billion (USD202.7 million) from JPY10.47 billion (USD98.6 million) at the same time last year.

On an operational level, the company recorded a JPY4.1 billion (USD38.6 million) loss, reversing last year's profit of JPY10.51 billion (USD98.9 million). This was attributed to a stronger yen against the US dollar, as well as rising steel prices, all of which offset the firm's sales.

For the full-year through to March 2005, Mitsubishi Heavy expected to book a JPY22.0 billion (USD207 million) net profit, according to a Dow Jones report.
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