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.
