Mitsubishi Heavy’s Profit Down by 42 Percent

Image Courtesy: MHI

Japan’s Mitsubishi Heavy Industries, Ltd. (MHI) today reported a plunge of 42.2 percent in its net profit for the fiscal year ended March 31, 2016, despite an increase in received orders and operating income.

Namely, the company ended FY 2015 with a net profit of JPY 63.8 billion (USD 591.1 million), against JPY 110.4 seen in the previous fiscal year.

The company’s operating income for the period increased by 4.5 percent to JPY 309.5 billion, over the operating income of JPY 296.1 billion recorded a year earlier.

Furthermore, MHI saw a 4.5 percent increase in received orders, reaching a total value of JPY 4.48 trillion, compared to JPY 4.69 trillion worth of orders received in fiscal year 2014.

MHI said that for the fiscal year 2016 ending March 31, 2017, the company “is expecting JPY 4,400 billion in net sales, JPY 350 billion in operating income, JPY 330 billion in ordinary income, and JPY 130 billion in profit attributable to owners of parent.”

The Tokyo-based company booked an additional extraordinary loss of JPY 50.8 billion in its cruise ship business for the fourth quarter of fiscal year 2015, the company said in April.

The additional amount is due to the delay in delivery of German-based cruise line Aida Cruises’ two new cruise ships AIDAprima and AIDAperla, and brings MHI’s overall extraordinary losses throughout fiscal year 2015 to JPY 103.9 billion.

The amount is a result of a number of delays for AIDA Cruises’ two large-sized cruise ships, ordered from the shipbuilder in November 2011.

World Maritime News Staff

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