Mitsubishi Electric Q2 Profit Down, Revenues Up, Cuts FY20 Outlook - Quick Facts
(RTTNews) - Japan's Mitsubishi Electric Corp. (MIELF.PK, MIELY.PK) reported Thursday that its second-quarter net profit attributable to stockholders decreased 11 percent from last year to 48.4 billion yen.
Operating profit was 59.3 billion yen, a decrease of 8 percent from last year. The results reflected weak profits in the Industrial Automation Systems and Information and Communication Systems segments.
Revenue was 1.13 trillion yen, a 1 percent increase from the same period last year. The growth was due primarily to increased revenue in the Energy and Electric Systems, Information and Communication Systems, Electronic Devices and Home Appliances segments.
Looking ahead for fiscal 2020, ending March 31, 2020, the company now expects attributable net income of 210 billion yen, operating income of 260 billion yen and revenues of 4.50 trillion yen.
The company previously expected attributable net income of 240 billion yen, operating income of 295 billion yen and revenues of 4.63 trillion yen.
The downward revision in outlook was due to the Industrial Automation Systems segment experiencing a delay in recovery of the stagnating market demand worldwide, and also due to the revised exchange rates.
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