Mitsubishi Electric Corporation announced today its consolidated financial results for the first half and second quarter, ended September 30, 2017, of the current fiscal year ending March 31, 2018 (fiscal 2018).
The full document on Mitsubishi Electric’s financial results can be accessed at the following link: www.MitsubishiElectric.com/news
The business environment in the first half of fiscal 2018, from April through September 2017, experienced a buoyant expansion in the U.S. and gradual trends of recovery in Japan and Europe, despite a modest slowdown in China. In addition, the yen weakened against the U.S. dollar and the euro in and after May compared to the same period of the previous fiscal year.
Under these circumstances, consolidated net sales in the first half of fiscal 2018 increased by 5% compared to the same period of the previous fiscal year to 2,076.3 billion yen due primarily to increased sales in the Industrial Automation Systems, Electronic Devices and Home Appliances segments. Consolidated operating income increased by 23% compared to the same period of the previous fiscal year to 149.2 billion yen, due to increased profits in the Energy and Electric Systems, Industrial Automation Systems and Electronic Devices segments. Income before income taxes increased by 50% compared to the same period of the previous fiscal year to 185.2 billion yen due primarily to recording a gain from sales of investment securities in Renesas Electronics Corporation as well as improvement of exchange gains and losses. Net income attributable to Mitsubishi Electric Corporation increased by 48% compared to the same period of the previous fiscal year to 131.1 billion yen.
Consolidated net sales for this quarter, from July through September 2017, was 1,070.7 billion yen, a 2% increase from the same period of the previous fiscal year, due primarily to increased sales in the Industrial Automation Systems, Electronic Devices and Home Appliances segments.
Consolidated operating income was 75.0 billion yen, an increase of 21% from the same period of the previous fiscal year, with increased profits in the Industrial Automation Systems and Electronic Devices segments.
Forecast for Fiscal 2018 (year ending March 31, 2018)
As a result of the growth expected in the Industrial Automation Systems segment in which it sees an increase in demand for capital expenditures mainly in Asia, the company’s consolidated earnings forecast for fiscal 2018, ending March 31, 2018, have been revised from the announcement on July 31, 2017 as stated below.