• Kyodo News

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Mitsubishi Heavy Industries Ltd. said Tuesday its group net profit in business 2008 plunged 60.5 percent from the previous year to ¥24.22 billion due to a fall in profitability of semimass-produced products, the yen’s appreciation and special losses.

While sales for the year to March increased 5.4 percent to ¥3.38 trillion, operating profit dropped 22.2 percent to ¥105.86 billion and pretax profit was down 31.2 percent to ¥75.31 billion.

Orders Mitsubishi Heavy received fell about 12 percent to ¥3.27 trillion as the global recession in the second half of the year led business negotiations to be delayed or suspended.

Mitsubishi Heavy left its business 2008 dividend payout unchanged from the previous year’s ¥6 per share.

For business 2009, the company expects its group net profit to be halved to ¥12 billion on ¥3 trillion in sales, down 11.1 percent from business 2008.

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