Mitsubishi Posts Another Year of Defence Losses

Mitsubishi Heavy Industries (MHI), Japan's biggest defence contractor, has reported falling defence-sector sales for fiscal year (FY) 2018. The corporation said on 9 May that revenues from its Aircraft, Defense & Space (ADS) business unit declined year on year by 5.6% to JPY718.3 billion (USD6.5 billion) and that the division recorded another year...

Mitsubishi Heavy Industries (MHI), Japan's biggest defence contractor, has reported falling defence-sector sales for fiscal year (FY) 2018.

The corporation said on 9 May that revenues from its Aircraft, Defense & Space (ADS) business unit declined year on year by 5.6% to JPY718.3 billion (USD6.5 billion) and that the division recorded another year of losses.

In FY 2018 losses recorded by ADS were JPY37.4 billion, narrowing from the deficit of JPY63.5 billion a year earlier. New orders in 2018 for ADS declined by 14.5% to JPY610.6 billion.

MHI's total sales in FY 2018 of JPY4.08 trillion were down slightly on one year earlier, although the group trebled profits to JPY186.7 billion thanks to strong performance from its power systems and industry and infrastructure business units.

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Source: www.janes.com