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Saturday, July 29, 2006

Mitsubishi Electric profit doubles

Staff writer

Mitsubishi Electric Corp. said Friday its group net profit jumped more than twofold from a year before to a record high 24.9 billion yen in the three months ending in June, thanks to vigorous sales of mobile phone handsets.

The electrical machinery maker posted an operating profit of 40.6 billion yen, up 94 percent from the previous year, on sales of 821.5 billion yen, up 11.3 percent. Its pretax profit increased 81.5 percent to 40.7 billion yen.

Mitsubishi Electric's information communications system segment, which includes its mobile phone business, posted an operating profit of 5.3 billion yen in a turnaround from last year's 5.9 billion yen operating loss.

The company's business field involving building social infrastructure at home and abroad also recovered from an operating loss of 3.2 billion yen to 1.6 billion yen in profit.

But sales and profit in its home appliance segment declined from the previous year due to weak sales in air conditioners and refrigerators.

Despite the brisk figures, Mitsubishi Electric did not revise its forecast upward for fiscal 2006.

The company's forecast for this fiscal year is 60 billion yen in operating profit on sales of 1.75 trillion yen.

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The Japan Times

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