Mitsubishi Electric Announces Consolidated Financial Results for the First Half and Second Quarter of Fiscal 2016

TOKYO--()--Mitsubishi Electric Corporation (TOKYO:6503) announced today its financial results for the first half and second quarter, ended September 30, 2015, of the current fiscal year ending March 31, 2016 (fiscal 2016).

The full document on Mitsubishi Electric’s financial results can be accessed at the following link: www.MitsubishiElectric.com/news

 

1. Consolidated Half-year Results (April 1, 2015 – September 30, 2015)

Net sales:   2,063.2   billion yen   (5% increase from the same period last year)
Operating income: 127.0 billion yen (5% increase from the same period last year)
Income before income taxes: 133.0 billion yen (9% decrease from the same period last year)

Net income attributable to
Mitsubishi Electric Corp.:

92.9 billion yen (5% decrease from the same period last year)
 

The business environment in the first half of fiscal year 2016, from April through September 2015, experienced a stronger trend of economic slowdown in China and other East Asian markets, weakness in consumption in Japan and stronger stagnation in certain emerging markets. Meanwhile, the U.S. economy saw continued buoyancy and the European market showed gradual recovery. In the foreign currency exchange market, the yen was weaker against the U.S. dollar compared to the previous year.

Under these circumstances, consolidated net sales in the first half of fiscal 2016 increased by 5% compared to the same period of the previous fiscal year to 2,063.2 billion yen, due to increased sales in the Energy and Electric Systems, Industrial Automation Systems, Electronic Devices and Home Appliances segments. Consolidated operating income also increased by 5% compared to the same period of the previous fiscal year to 127.0 billion yen, due to increased profits in the Industrial Automation Systems and Electronic Devices segments.

 

2. Consolidated Second-quarter Results (July 1, 2015 – September 30, 2015)

Net sales:   1,074.8   billion yen   (1% increase from the same period last year)
Operating income: 72.3 billion yen (17% increase from the same period last year)
Income before income taxes: 65.8 billion yen (16% decrease from the same period last year)

Net income attributable to
Mitsubishi Electric Corp.:

46.6 billion yen (15% decrease from the same period last year)
 

Consolidated net sales for this quarter, from July through September 2015, was 1,074.8 billion yen, a 1% increase from the same period of the previous fiscal year, due primarily to increased sales in the Energy and Electric Systems, Industrial Automation Systems, Electronic Devices and Home Appliances segments. Consolidated operating income was 72.3 billion yen, an increase of 17% from the same period of the previous fiscal year, with increased profits in the Energy and Electric Systems, Industrial Automation Systems, Electronic Devices and Home Appliances segments.

Forecast for Fiscal 2016 (year ending March 31, 2016)
The consolidated earnings forecast for fiscal 2016, ending March 31, 2016, has been revised from the previous forecast announced on July 30, 2015. Net sales is expected to exceed the previous forecast owing mainly to increases in the Energy and Electric Systems and the Home Appliances segments largely resulting from the positive influence of the weaker yen. Operating income is, however, expected to fall below the previous forecast due primarily to lower profit in the Energy and Electric Systems segment and decreasing revenues in the Information and Communication Systems and Electronic Devices segments. Net income attributable to Mitsubishi Electric Corp. is expected to remain unchanged from the previous forecast due mainly to decreases in non-operating expense and tax expense.

 

Consolidated earnings forecast for fiscal 2016

   

Previous forecast
(announced July 30)

  Current forecast
Net sales: 4,370.0 billion yen 4,380.0 billion yen   (1% increase from fiscal 2015)
Operating income: 320.0 billion yen 300.0 billion yen (6% decrease from fiscal 2015)
Income before income taxes: 320.0 billion yen 315.0 billion yen (2% decrease from fiscal 2015)

Net income attributable to
Mitsubishi Electric Corp.:

  220.0 billion yen   220.0 billion yen   (6% decrease from fiscal 2015)
 
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 4,323.0 billion yen (US$ 36.0 billion*) in the fiscal year ended March 31, 2015. For more information visit:
http://www.MitsubishiElectric.com
*At an exchange rate of 120 yen to the US dollar, the rate given by the Tokyo Foreign Exchange Market on March 31, 2015

Contacts

Mitsubishi Electric Corporation
Investor Relations Inquiries
Investor Relations Group
Corporate Finance Division
Tel: +81-3-3218-2391
Cad.Irg@rk.MitsubishiElectric.co.jp
or
Media Inquiries
Yurika Fujimoto, +81-3-3218-3380
Public Relations Division
prd.gnews@nk.MitsubishiElectric.co.jp
www.MitsubishiElectric.com/news/

Contacts

Mitsubishi Electric Corporation
Investor Relations Inquiries
Investor Relations Group
Corporate Finance Division
Tel: +81-3-3218-2391
Cad.Irg@rk.MitsubishiElectric.co.jp
or
Media Inquiries
Yurika Fujimoto, +81-3-3218-3380
Public Relations Division
prd.gnews@nk.MitsubishiElectric.co.jp
www.MitsubishiElectric.com/news/