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Aerospace & Defense

Jet delays drag Mitsubishi Heavy toward first loss in 20 years

Aircraft unit's management reshuffled as development costs poised to top $9bn

Mitsubishi Heavy Industries now targets late 2021 for delivery of the SpaceJet, far beyond the original date of 2013. (Photo courtesy of Mitsubishi Aircraft)

TOKYO -- Mitsubishi Heavy Industries on Thursday forecast a 10 billion yen ($91.2 million) pretax loss for the year ending in March as the cost of its delay-plagued business jet project continues to mount with no end in sight.

The earnings downgrade heralds the first annual loss in 20 years for the Japanese industrial group, which also announced its sixth delay in delivering the Mitsubishi SpaceJet.

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