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said Monday it restored profitability in fiscal 2000 for the first time in two years, thanks to cost-reduction efforts and management restructuring.

It registered a consolidated net profit of 9.21 billion yen, against a net loss of 79 billion yen the previous year. Its group pretax profit came to 28.06 billion yen in the year ending March 31, against a loss of 8.56 billion yen the previous year.

Group operating profit stood at 39.95 billion yen, against a loss of 5.83 billion yen in fiscal 1999.

IHI’s group net profit per share came to 7.09 yen, against a loss of 60.83 yen the previous year.

Group sales increased 12 percent to 1.11 trillion yen, spurred on by an increase in orders in marine an shipping businesses, it said.

On an unconsolidated basis, the major heavy machinery maker reported a net profit of 6.32 billion yen, compared with a net loss of 67.35 billion yen the previous year.

Unconsolidated pretax profit came to 22.3 billion yen, compared with a loss of 14.13 billion yen the previous year.

Unconsolidated operating profit stood at 29.57 billion yen on a sales increase of 4.6 percent to 841.03 billion yen.

IHI plans to pay an annual dividend of 3 yen after suspending the payment the previous year.

For the current year to March 2002, the company expects its group earnings to decrease moderately as the economic slump in the United States is likely to prevent economies in Europe and Asia from recovering, with sales falling to 1.1 trillion yen, pretax profit to 20 billion yen and net profit to 8 billion yen.

The stringent fiscal situation in Japan, combined with opposition from the private sector, will prevent public works spending from increasing further, it said.

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