TOKYO--(BUSINESS WIRE)--Mitsubishi Electric Corporation (TOKYO: 6503) announced today its financial results for the first half and second quarter, ended September 30, 2014, of the current fiscal year ending March 31, 2015 (fiscal 2015).
The full document on Mitsubishi Electric’s financial results can be accessed at the following link: www.MitsubishiElectric.com/news
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1. Consolidated Half-year Results (April 1, 2014 – September 30, 2014) |
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| Net sales: | 1,972.8 billion yen | (9% increase from the same period last year) | ||
| Operating income: | 121.3 billion yen | (52% increase from the same period last year) | ||
| Income before income taxes: | 145.9 billion yen | (75% increase from the same period last year) | ||
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Net income attributable to
Mitsubishi Electric Corp.: |
97.8 billion yen | (102% increase from the same period last year) | ||
The business environment in the first half of fiscal year 2015 in Japan experienced an upward trend in the commercial sector despite a backlash due to the last-minute surge in demand experienced before the rise in consumption tax. Meanwhile, economies outside Japan as a whole saw ongoing gradual expansion, owing to buoyant economic expansion in the U.S. and other factors, despite a stagnation in Europe and certain emerging markets. In the foreign currency exchange market, the yen became weaker against the U.S. dollar towards the end of the second quarter of fiscal 2015.
Under these circumstances, consolidated net sales in the first half of fiscal 2015 increased by 9% compared to the same period of the previous fiscal year to 1,972.8 billion yen, due to increased sales in all segments. Consolidated operating income increased by 52% compared to the same period of the previous fiscal year to 121.3 billion yen, due to increased profits in Industrial Automation Systems, Information and Communication Systems and Home Appliances segments.
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2. Consolidated Second-quarter Results (July 1, 2014 – September 30, 2014) |
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| Net sales: | 1,062.1 billion yen | (9% increase from the same period last year) | ||
| Operating income: | 62.0 billion yen | (36% increase from the same period last year) | ||
| Income before income taxes: | 78.0 billion yen | (91% increase from the same period last year) | ||
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Net income attributable to
Mitsubishi Electric Corp.: |
54.8 billion yen | (140% increase from the same period last year) | ||
Consolidated net sales for this quarter was 1,062.1 billion yen, a 9% increase from the same period of the previous fiscal year, due primarily to increased sales in all segments. Consolidated operating income was 62.0 billion yen, increasing by 36% from the same period of the previous fiscal year, with increased profits in all segments.
Forecast for Fiscal 2015 (year ending March 31, 2015)
The consolidated earnings forecast for fiscal 2015, ending March 31, 2015, has been revised from the previous forecast announced on July 30, 2014. Operating income and other figures are expected to exceed the previous forecast owing mainly to increases in the Industrial Automation Systems segment, which experienced buoyant demand in capital expenditures for smartphone and automotive related investments, as well as the Home Appliances segment, which showed growth in air conditioners for markets inside and outside Japan.
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Consolidated earnings forecast for fiscal 2015 |
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Previous forecast |
Current forecast | |||||
| Net sales: | 4,220.0 billion yen | 4,220.0 billion yen | (4% increase from fiscal 2014) | |||
| Operating income: | 260.0 billion yen | 275.0 billion yen | (17% increase from fiscal 2014) | |||
| Income before income taxes: | 260.0 billion yen | 285.0 billion yen | (14% increase from fiscal 2014) | |||
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Net income attributable to
Mitsubishi Electric Corp.: |
175.0 billion yen | 190.0 billion yen | (24% increase from fiscal 2014) | |||
| Note: The results forecast above is based on assumptions deemed reasonable by the Company at the present time, and actual results may differ significantly from forecasts. Please refer to the cautionary statement in the full document. |
About Mitsubishi Electric Corporation
With over 90 years of experience in providing reliable, high-quality
products, Mitsubishi Electric Corporation (TOKYO: 6503) is a recognized
world leader in the manufacture, marketing and sales of electrical and
electronic equipment used in information processing and communications,
space development and satellite communications, consumer electronics,
industrial technology, energy, transportation and building equipment.
Embracing the spirit of its corporate statement, Changes for the Better,
and its environmental statement, Eco Changes, Mitsubishi Electric
endeavors to be a global, leading green company, enriching society with
technology. The company recorded consolidated group sales of 4,054.3
billion yen (US$ 39.3 billion*) in the fiscal year ended March 31, 2014.
For more information visit http://www.MitsubishiElectric.com
*At
an exchange rate of 103 yen to the US dollar, the rate given by the
Tokyo Foreign Exchange Market on March 31, 2014
