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MHI Reports $586M Loss on Cruise Ship Builds

Mitsubishi Heavy Industries, Ltd. (MHI) booked an extraordinary loss of approximately 60 billion yen (roughly $586 million USD) on the build of two cruise ships as a loss provision related to the construction work in its consolidated financial results for fiscal year (FY) 2013 (ending March 31, 2014). In November 2011, MHI received an order for two large-sized cruise ships for the AIDA Cruises brand, a company that belongs to the COSTA Group, a European subsidiary of Carnival Corporation & plc.