Ishikawajima-Harima Heavy Industries Co. said Monday its group net balance sank into the red in the first half of the 2001 business year, mainly due to hefty appraisal losses on its stockholdings.
For the April-September period, the maker of aerospace machinery, ships and defense equipment said its net loss came to 7.76 billion yen in a reversal from a profit of 5.34 billion yen a year earlier.
IHI cited 4.66 billion yen in appraisal losses on shares of other companies, as well as an additional 1.11 billion yen appraisal loss on shareholdings of a subsidiary.
IHI had to set aside an additional 2.25 billion yen to pay out retirement allowances, a lesser amount than in the corresponding period last year.
Per-share net loss came to 5.97 yen, a negative reversal from a per-share profit of 4.11 yen.
Its group pretax balance also fell into the red in the six-month period with a loss of 934 million yen, a sharp downswing from the previous year's profit of 12.03 billion yen. Group sales came to 453.97 billion yen, down 8.9 percent.