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Tokyo: Mitsubishi Heavy Indsutries' (MHI) shipbuilding and ocean development arm revealed a fall in operating losses in the first three quarters of financial year 2012, however, the value of new orders contracted sharply.

In comparison with the same period last year, accumulated order value for the shipbuilder is down JPY113.1bn to JPY50.6bn for the first three quarters of 2012, with just five new building orders.

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