IHI Corp Posts Profit Increase but Defence Sales in Decline

IHI Corporation, Japan’s aero-engine specialist, reported mixed results for fiscal year (FY) 2018, with a decline in total sales but an increase in profits. IHI also said that while defence sales are currently in decline it expects growth over the coming few years. IHI said total sales in FY 2018 reached JPY1.48 trillion (USD13.4 billion), a...

IHI Corporation, Japan’s aero-engine specialist, reported mixed results for fiscal year (FY) 2018, with a decline in total sales but an increase in profits. IHI also said that while defence sales are currently in decline it expects growth over the coming few years.

IHI said total sales in FY 2018 reached JPY1.48 trillion (USD13.4 billion), a year-on-year decrease of 7%, while its operating income – or earnings before interest expense and taxes – increased 14% to JPY82.4 billion.

Sales recorded by the group’s Aero Engine, Space and Defense unit climbed 6% from JPY463.7 billion in FY 2017 to JPY492.2 billion in FY 2018, accounting for one-third of total revenues.

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Source: www.janes.com