Mitsubishi Electric Corporation (TOKYO: 6503) announced today its financial results for the first half and second quarter, ending September 30, 2013, of the current fiscal year ending March 31, 2014 (fiscal 2014).
1. Consolidated Half-year Results (April 1, 2013 – September 30, 2013) Net sales: 1,811.8 billion yen (7% increase from the same period last year)
Operating income: 79.7 billion yen (11% decrease from the same period last year)
Income before income taxes: 83.4 billion yen (15% increase from the same period last year)
Net income attributable to Mitsubishi Electric Corp.: 48.3 billion yen (11% increase from the same period last year)
In the first half of fiscal 2014, the business environment made slow recovery owing to steady economic trends both in Japan and the U.S., as well as the weaker yen, despite the economic downturn in Europe and in mainly emerging markets.
Under these circumstances, consolidated net sales in the first half of fiscal 2014 increased by 7% compared to the same period of the previous fiscal year to 1,811.8 billion yen, due to such factors as increased sales in all segments. Consolidated operating income decreased by 11% compared to the same period of the previous fiscal year to 79.7 billion yen, due to lower profits in the Energy and Electric Systems and Communication Systems segments, despite the increased profits in Industrial Automation Systems, Electronic Devices and Home
Appliances segments.
Consolidated Financial Results by Business Segment (First Half, Fiscal 2014)
Energy and Electric Systems
Total sales: 477.2 billion yen (4% increase from the same period last year)
Operating income: 18.3 billion yen (15.9 billion yen decrease from the same period last year)
The social infrastructure systems business saw an increase in orders compared to the same period of the previous fiscal year due primarily to an increase in orders for the public utility systems and the power generation in Japan and the rolling-stock equipment business world-wide. Sales, meanwhile, decreased compared to the same period of the previous fiscal year owing to a decrease in large-scale projects in the power generation business in Japan
