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Mitsui E&S unloads $900m in assets after Indonesia losses

Deals patch financial hole but coronavirus adds new risks

Mitsui E&S's mainstay shipbuilding business is expected to see a sixth straight year of operating losses in fiscal 2020. (Photo courtesy of the company)

TOKYO -- Japanese engineering group Mitsui E&S Holdings has sold roughly 100 billion yen ($930 million) in operations and assets, the company said Thursday, as it scrambles to shore up finances eroded by a money-bleeding Indonesian power plant project.

The deals are part of a turnaround plan drawn up last May by the Japanese ship- and plant-builder amid a bleak outlook. It had booked more than 150 billion yen in losses on the coal-fired plant project, leaving earnings deep in the red, while its mainstay shipbuilding business is expected to see a sixth straight year of operating losses in fiscal 2020.

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