TOKYO -- Mitsubishi Heavy Industries is facing heavy losses from setbacks at shipbuilding and other operations, potentially hurting its ability to support scandal-stricken Mitsubishi Motors as it has in the past.
Mitsubishi Heavy on Monday announced plans to book an additional 50.8 billion yen ($456 million) extraordinary loss for the year ended March 31 on its cruise ship business, likely bringing group net profit to just 66 billion yen, 40% below the fiscal 2014 level. Two cruise ships ordered in 2011 "were the first large passenger ships we were to build from the ground up," President Shunichi Miyanaga told a news conference. "But we handled them as just a follow-up to previous passenger-ship projects."
