CORRECTED-Japan's Mitsubishi Heavy freezes SpaceJet development after 62.5% fall in Q2 profit

(Corrects operating profit forecast to 50 billion yen from 30 billion, which is the pre-tax profit forecast)

TOKYO, Oct 30 (Reuters) - Mitsubishi Heavy Industries Ltd (MHI), Japan’s biggest aerospace manufacturer, said on Friday it would freeze development of its SpaceJet regional jet to bolster other units after posting a 62.5% fall in second quarter operating profit.

MHI on Thursday raised its operating profit forecast for the year to March 31 from zero to 50 billion yen ($478 million). That compares with an average prediction for a 15.4 billion yen profit based on estimates from 10 analysts made before the outlook revision, Refinitiv data shows.

It posted an operating profit of 12.7 billion yen in the quarter ended on Sept. 30, down from 33.9 billion yen a year ago. The SpaceJet suspension will help it lower costs by 120 billion yen, the company said.

$1 = 104.7000 yen Reporting by Tim Kelly; Editing by Tom Hogue