Mitsubishi Electric Announces Consolidated Financial Results for the First Half and Second Quarter of Fiscal 2024

TOKYO--(BUSINESS WIRE)--Mitsubishi Electric Corporation (TOKYO: 6503) announced today its consolidated financial results for the first half and second quarter, ended September 30, 2023, of the current fiscal year ending March 31, 2024 (fiscal 2024).

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

Consolidated Half-year Results (April 1, 2023 – September 30, 2023)
Revenue:	2,538.4	billion yen	(9% increase year-on-year)
Operating profit:	135.8	billion yen	(69% increase year-on-year)
Profit before income taxes:	159.7	billion yen	(55% increase year-on-year)
Net profit attributable to Mitsubishi Electric Corp. stockholders:	120.2	billion yen	(61% increase year-on-year)

The economy in the first half, from April through September 2023, of fiscal 2024 continued to see recovery primarily in consumer spending despite monetary tightening and other factors in the U.S. In Japan, the economy continued to see moderate recovery due to robust consumer spending and an increase in inbound tourists. In China, the economy showed weakness in recovery due to sluggish export as well as slower domestic demand resulting from the real estate recession and other factors. In Europe, there were slowdowns in the corporate and household sectors due to monetary tightening and other factors.

Forecast for Fiscal 2024
The consolidated earnings forecast for fiscal 2024, ending March 31, 2024, is unchanged from the previous announcement on April 28, 2023 as stated below.

Current consolidated forecast for fiscal 2024
Revenue:	5,200.0	billion yen	(4% increase year-on-year)
Operating profit:	330.0	billion yen	(26% increase year-on-year)
Profit before income taxes:	355.0	billion yen	(22% increase year-on-year)
Net profit attributable to Mitsubishi Electric Corp. stockholders:	260.0	billion yen	(22% increase year-on-year)

Exchange rates for this forecast from third quarter onwards are 140 yen to the U.S. dollar (10 yen weaker than the previous forecast), 150 yen to the euro (10 yen weaker than the previous forecast) and 20.0 yen to the Chinese yuan (1.0 yen weaker than the previous forecast).

Note:

The results forecast above is based on assumptions deemed reasonable by Mitsubishi Electric at the present time, and actual results may differ significantly from forecasts. Please refer to the cautionary statement in the full document.