Tier-one Japanese defence manufacturers Mitsubishi Heavy Industries (MHI) and Subaru have reported financial gains during the first quarter of fiscal year 2019-20.
MHI said on 5 August that group revenues in the quarter were JPY919.3 billion (USD8.6 billion), a year-on-year increase of 1.5%. Its operating profit increased 29% to JPY40.4 billion.
MHI's Aircraft, Defense & Space (ADS) business unit has increased revenues by 1% to JPY152.1 billion, mainly because of improved commercial aerospace sales. ADS profits climbed to JPY9.4 billion following a loss of JPY12 billion in the same quarter in 2018-19. The turnaround was attributed to aerospace component manufacturing.