Mitsui: Revenue Up, Profits Down
Thursday, November 13, 2003
Mitsui Engineering & Shipbuilding Co. reported that group net profit for the fiscal first half fell 6.3% from a year earlier to 2.51 billion yen despite a 6.6% rise in revenues to 199.64 billion yen.
The shipbuilder cited falling product prices, stiffer competition and exchange losses as the primary culprits. In its consolidated earnings report, Mitsui Engineering posted a pretax profit of 2.31 billion yen in the six months to Sept. 30, down 52.3%, with net profit per share falling to 3.02 yen from 3.23 yen a year earlier. For the full year to March 31, Mitsui Engineering forecasts a net profit of 6 billion yen and a pretax profit of 16 billion yen on revenues of 480 billion yen.