Mitsubishi Heavy expects to double defence revenue over next 3 years
Reuters
Published Nov 23, 2023 10:22PM ET
((This Nov. 22 story has been corrected to show that the revenue forecast is for a 3-year period after the company's clarification in the headline, paragraphs 1 and 3)
TOKYO (Reuters) - Japan's Mitsubishi Heavy Industries said on Wednesday it expects to double its defence revenue to about 1 trillion yen ($6.68 billion) over the next three years.
The increase would come partly from the expansion of facilities to build missiles and develop next-generation fighter jets, it said.
During the three-year period starting in April 2027, Mitsubishi Heavy expects annual revenue to top 1 trillion yen due to growth in the defence and space business, presentation material showed.
The Japanese government has said it plans to double spending on defence to about 2% of its gross domestic product by 2027 as regional tensions heighten.
($1 = 149.6200 yen)
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.