Japanese Mitsubishi Aircraft posted a net loss of 51.1 billion yen ($454 million) at the end of March due to delays in the development of Japan’s regional jet.
The cumulative loss totalled 151 billion yen ($1.3 billion). The development costs are expected to reach 500 billion yen ($4.4 billion) about three times the initial estimate on account of delays and hiring of more engineers than initially planned, Mainchi reported Sunday.
The aircraft will be Japan's first domestically developed jet airliner.
The state-owned Development Bank of Japan owns a 1.0 percent stake in Mitsubishi Aircraft with Mitsubishi Heavy holding a 64 percent. Mitsubishi Corp. and Toyota Motor Corp. are among major shareholders of the aircraft company.
Mitsubishi Aircraft, in the midst of efforts to speed up development under the leadership of Mitsubishi Heavy President Shunichi Miyanaga, said its financial conditions will not affect the Mitsubishi Regional Jet project.
The aircraft company said earlier this year it will postpone the schedule for the first delivery by two years to the middle of 2020.
The company attributed the fifth delay since the launch of the business in 2008 to "revisions of certain systems and electrical configurations on the aircraft to meet the latest requirements for certification."
Japan's Mitsubishi Heavy Industries has unveiled its first assembled F-35A stealth fighter Monday at its factory in Toyoyama, Aichi Prefecture. Lockheed Martin is the main manufacturer of the fighter jet
An unnamed US firm has approached Japanese Mitsubishi Heavy (MHI) for a possible partnership to develop an armored vehicle. "We are in talks with a U
Israel Aerospace Industries, Elbit Systems of Israel and Mitsubishi Electric, Fuji Heavy Industries of Japan are the companies included in the joint research on unmanned surveillance airplanes by the two nations. The preparations for the joint research are in the final phase and the two governments have already sounded out the defense industry of the two counties about the feasibility of participating in the project, Japanese government sources and bilateral diplomatic sources were quoted as saying by
Mitsubishi has delivered the "Jinryu" submarine to the Japanese Ministry of Defense (MOD) in a ceremony held at the MHI Kobe Shipyard & Machinery Works' No.3 pier in Kobe, Hyogo Prefecture
Germanys ThyssenKrupp Marine Systems (TKMS), Frances DCNS and Japans Mitsubishi Heavy Industries-Kawasaki Heavy Industries today submitted bids to build Australias new submarines fleet. Australian and Japanese media reported that the bids by the companies were submitted by the November 30 deadline
Japans Mitsubishi has sought partnering with BAE Systems, Babcock for the Australian $50 billion submarine project. “Babcock and BAE had approached the consortium of Mitsubishi and Kawasaki with offer of help
Mitsubishi Heavy is in talks to buy Bombardier's commercial regional jet business, a move that could provide it with technology and processes to complete the development of Japan's first domestically produced passenger jet. "It is true that we are in discussions relating to a possible transaction involving Bombardier's regional jet program," Mitsubishi Heavy Industries said in a statement
Mitsubishi Heavy Industries, Ltd. (MHI) will increase the capitalization of Mitsubishi Aircraft Corporation (Mitsubishi Aircraft), its wholly owned company to bring it out of the red as it nears the first delivery of the Mitsubishi Regional Jet (MRJ), a program plagued by delays and financial woes
Aircraft maker Bombardier Inc of Canada has sued Japans Mitsubishi Aircraft Corp over claims that its former employees who went to work the Japanese firm passed on documents containing trade secrets. The suit filed in a federal court in Seattle last Friday, sought an injunction ordering Mitsubishi not to use "any proprietary Bombardier information misappropriated by any former Bombardier personnel" and to stop recruiting its employees to obtain such information, the Seattle Times said in a report Saturday
Mitsubishi Heavy Industries, Ltd. (MHI) has delivered aft fuselage panels for the first Boeing 777X, next-generation wide-body passenger aircraft
Mitsubishi Aircraft Corporation of Japan announced changes to its organizational structure to strengthen the MRJ aircraft program. The changes which will take effect from January 1, 2018 include a newly established Program Management Division to reinforce the development and management of the Mitsubishi Regional Jet (MRJ) program, a company release said
Inmarsat has selected Mitsubishi Heavy Industries as the launch provider for the first satellite in the Inmarsat-6 fleet (Inmarsat-6 F1). The value of the contract has not been disclosed
Damen to Build Supply Ship for Dutch Navy
Russian Defense Minister's Plane Shadowed by US Drone Over Kosovo
New Rules for Chinese Military to Guard Against US Cyber Attacks
Israeli F-35I Jets Strikes “Large Convoy” in Syria
Indonesia Seeks Rafale Jets, Submarines, Warships in Defence Cooperation Deal with France
Mobile Phone Led Israelis to Destory Pantsir-S Air Defence Battery in Syria
GA-ASI Demos Multi-Domain Operations Using Gray Eagle ER Drone
China’s Z-10 Attack Helicopter Upgraded with Powerful Engine
Several joint production and direct procurement programs could be halted if the US and Europe carry through with their threat...
Sanctions-hit Iran has found ingenious ways to develop military hardware
Artificial Intelligence (AI) is rapidly permeating the defence industry to aid and improve human decision-making
Upgrade of Russias Sukhoi Su-30SM fighters to equip them with armaments, radar, sensors and engines from the more powerful Su-35...
US companies sanctioned by China for supplying weapons to Taiwan may be denied rare earth elements (REEs), which have critical...
While the US F-35 stealth aircraft has become one the fastest selling fighter jets in the world aircraft market, thanks...