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May 08, 2024 - 09:21
By asia.nikkei.com

Mitsubishi Heavy posts 70% profit surge on energy and defense demand

TOKYO -- Mitsubishi Heavy Industries on Wednesday reported record sales and profits for the year ended in March and sharply raised its dividend payments, as the world's largest gas turbine maker accelerates its shift to hydrogen from coal and natural gas.

The company, a maker of space rockets, also enjoyed a surge in demand for its missiles from the Japanese government as it ramps up defense spending amid rising geopolitical tensions from Ukraine to Taiwan.