IHI recovers profitability

Ishikawajima-Harima Heavy Industries (IHI) said its group net balance has swung back into the black for the first time in three years in fiscal 2004 as it cut costs and boosted sales in industrial plant, machinery and shipbuilding operations.

The company said net profit came to 2.18 billion yen in a turnaround from the previous year’s loss of 38.35 billion yen and it will skip dividends to retain the earnings for future operations.