English | 简体中文 | 繁體中文 | 한국어 | 日本語
Friday, 5 August 2022, 16:40 JST
Share:
    

Source: Mitsubishi Heavy Industries, Ltd.
Mitsubishi Heavy Industries Achieves 22% YoY Increase in Order Intake and 52% YoY Increase in Net Profit in a Challenging First Quarter

TOKYO, Aug 5, 2022 - (JCN Newswire) - Mitsubishi Heavy Industries (TSE Code: 7011) announced that order intake rose 22.3% year-over-year to YEN917.8 billion in the quarter ended June 30, 2022. Revenue rose 2.3% to YEN871.3 billion year-over-year, resulting in business profit(1) of YEN14.9 billion, a 30.4% decrease from the previous fiscal year, which represents a profit margin of 1.7%. Net profit was YEN19.1 billion, an increase of 51.7% year-over-year, with a profit margin of 2.2%. EBITDA was YEN47.2 billion, a 12.2% decrease from FY2021, with a profit margin of 5.4%, down 0.9 percentage points year-over-year.

Highlights:
- Order intake, revenue, and net profit all exceeded Q1 FY2021 results, continuing upward trend from FY2020.
- Contracts executed for five large frame Gas Turbine Combined Cycle (GTCC) units in Americas, EMEA, and Asia. Strong order growth in Metals Machinery as capital expenditures by steelmakers in Asia and Americas increased.
- Materials cost inflation and supply chain disruptions continued, particularly affecting Logistics, Thermal & Drive Systems segment. Price optimizations underway to mitigate these effects in second half FY2022.
- Charges booked in Energy Systems, including downsizing of European coal-fired thermal power business as capacity adjusted to match long-term objectives in region.
- Fixed cost reductions and strategic asset sales progressing in accordance with 2021 Medium-Term Business Plan.

CFO Message:

"MHI is proud to have achieved strong orders in all segments in the first quarter of this fiscal year," Hisato Kozawa, Member of the Board, Executive Vice President, and Chief Financial Officer of MHI commented. "Considering the mid- to long-term market outlook in the EMEA region, we began reducing the scale of operations in our European coal-fired thermal power business and booked some charges associated with these actions. In parallel, MHI is looking to increase our presence in EMEA through the Energy Transition by offering decarbonization solutions as well as core technologies including hydrogen utilization and CO2 Capture, Utilization, and Storage (CCUS)."

Mr. Kozawa continued, "Despite securing YEN19.1 billion in net profit, the business environment remains challenging. In the first quarter, materials and logistics cost inflation and supply chain disruptions, including the lockdowns in China, continued to impact our businesses for longer than initially projected. As concerns of recession in North America and Europe mount, we will strive to improve profitability through various measures such as price optimization and further fixed cost reductions in the second half of the fiscal year."

(1) Profit before finance income, finance expenses, and income taxes

For more informaton, visit www.mhi.com/news/22080501.html.

Topic: Press release summary
Source: Mitsubishi Heavy Industries, Ltd.

Sectors: Energy
https://www.acnnewswire.com
From the Asia Corporate News Network


Copyright © 2022 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.

 
Mitsubishi Heavy Industries, Ltd. Links

http://www.mhi-global.com

https://www.youtube.com/user/DiscoverMHI

https://www.linkedin.com/company/mitsubishi-heavy-industries

Mitsubishi Heavy Industries, Ltd. Releated News
2022年8月8日 14時30分 JST
三菱造船など、東京大学に「海事デジタルエンジニアリング」社会連携講座を開設
Monday, 8 August 2022, 14:46 JST
Establishment of Maritime and Ocean Digital Engineering Cooperation Program at the University of Tokyo
2022年8月8日 13時30分 JST
三菱重工、シンガポールで廃棄物焼却発電事業会社を完全子会社化
Monday, 8 August 2022, 14:08 JST
Waste-to-Energy Company in Singapore Made a Wholly-Owned Subsidiary
Friday, 5 August 2022, 17:17 JST
MHI to Issue its First Transition Bond
More news >>
Copyright © 2022 ACN Newswire - Asia Corporate News Network
Home | About us | Services | Partners | Events | Login | Contact us | Cookies Policy | Privacy Policy | Disclaimer | Terms of Use | RSS
US: +1 214 890 4418 | China: +86 181 2376 3721 | Hong Kong: +852 8192 4922 | Singapore: +65 6549 7068 | Tokyo: +81 3 6859 8575