Mitsubishi: Revision of FY2010 Consolidated Financial Results Estimates

Mitsubishi Heavy Industries, Ltd. (MHI), reflecting recent business conditions, yesterday revised the estimates of the company's consolidated financial results for the fiscal year (FY) 2010 (April 1, 2010, to March 31, 2011), announced on October 29, 2010.

Reasons for the revision
MHI expects that the company's operating income and ordinary income for FY2010 will be higher than the estimates previously announced on October 29, 2010, while net sales are not expected to diverge widely from the estimates. Major factors for increases are: 1) profitability improvements in plant construction works in the operational segments of Power Systems and Machinery & Steel Structures; 2) favorable progress in order receipt and profitability improvements in after-sales service works in Power Systems segment; and 3) recovery of business in mass and medium-lot manufactured machinery, including General Machinery & Special Vehicles segment and Air-Conditioning & Refrigeration Systems operation.
This estimate is based on the assumption of currency exchange rate of US$ 1.00 = ¥82 and ­1.00 = ¥110 for the portion yet to be fixed.
Please note that this estimate has been projected with currently available information and data. As such, these projections involve risks and uncertainties. For this reason, investors are recommended not to depend solely on these projections for making investment decisions. The actual results, therefore, may diverge broadly with the influence of a variety of outside factors such as economics surrounding MHI, currency movement of the yen to the U.S. dollar and other foreign currencies, and trends of stock markets in Japan.
Source: Mitsubishi Heavy Industries