• Kyodo

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Mitsubishi Heavy Industries Ltd. said Tuesday its group net profit in the April-June quarter nearly doubled from a year earlier to ¥18.89 billion due to gains on securities sales.

Consolidated sales in the first quarter of fiscal 2012 expanded 5.8 percent to ¥649.18 billion as all sales other than aerospace, air-conditioning and refrigeration systems increased. But pretax profit fell 14.7 percent to ¥25.31 million.

Orders received in the quarter declined 20.7 percent to ¥492.4 billion as power system, machinery and steel infrastructure divisions posted falls.

Mitsubishi Heavy left earnings estimates for the whole of fiscal 2012 unchanged, projecting that group net profit will rise 63.0 percent from the previous year to ¥40 billion on ¥3 trillion in sales, up 6.3 percent.

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