Mitsubishi Heavy Industries Limited said that its net profit for the fiscal first quarter fell by 7.9% YoY, hurt by the yen's strength and a higher corporate tax burden.
Mitsubishi Heavy posted a net profit of JPY 9.65 billion for the three months to June 2011, down from JPY 10.47 billion a year earlier. Sales dropped by 7.6% YoY to JPY 613.63 billion from JPY 664.12 billion a year earlier when it racked up relatively strong sales coming from orders for chemical plant facilities and traffic systems. Its operating profit declined by 1.0% YoY to JPY 38.70 billion.
For the full fiscal year ending March 2012, Mitsubishi Heavy kept intact its earnings outlook. It continues to predict a net profit of JPY 35 billion, an operating profit of JPY 110 billion and sales of JPY 2.850 trillion.
Summary for 1st quarter ended June 30th 2011
| Item | Q1 '11 | Q1 '10 | Change |
| Revenue | 613.63 | 664.12 | -7.6 |
| Operating Profit | 38.7 | 39.09 | -1.0 |
| Pretax Profit | 29.67 | 28.17 | 5.3 |
| Net Profit | 9.65 | 10.47 | -7.8 |
| Per share earnings | 2.88 | 3.12 | -7.7 |
| Diluted earnings | 2.87 | NA | NA |
In JPY billion except per share
Mitsubishi Heavy also released the following forecasts:
| Item | FY '12 |
| Revenue | 2.85 |
| Operating Profit | 110 |
| Pretax Profit | 70 |
| Net Profit | 35 |
| Per share earnings | 10.43 |
Revenue in JPY trillion
In JPY billion except per share
(Sourced from www.dowjones.com)
