Mitsubishi Electric H1 Profit Climbs; Expects Annual Earnings, Revenue To Rise

Mitsubishi Electric Corporation (MIELY.PK), a Japanese electronics and electrical equipment major, on Tuesday registered a rise in earnings for the second-half, supported an increase in revenue, driven primarily by the weaker yen and price hike. In addition, the company has reaffirmed its Annual outlook.

For the six-month period to September 30, the company posted a net profit of 120.2 billion yen or 57.08 yen per basic share, higher than 74.8 billion yen or 35.43 yen per share, registered for the same period last year.

The earnings were supported by mainly by higher revenues from Life, Infrastructure, Industry & Mobility, and Semiconductor & Devices segments.

Pre-tax income was at 159.7 billion yen as against last year’s 103.1 billion yen.

Operating income moved up to 135.8 billion yen from 80.5 billion yen a year ago.

Revenue was 2.538 trillion yen from previous year’s 2.339 trillion yen.

On segmental basis, Life registered a year-over-year revenue growth of 11 percent at 1.047 trillion yen, followed by Infrastructure 6 percent at 426.2 billion yen, Industry & Mobility 6 percent at 843.7 billion yen, and Semiconductor & Devices 4 percent at 144.4 billion yen.

Looking ahead, for the 12-month period to March 31, 2024, the company still expects to post net profit of 260 billion yen, up 22 percent from previous year.

Mitsubishi continues to project to improve its operating income by 26 percent to 330 billion yen, for the year.

The company also reiterated its revenue expectation of revenue of 5.200 trillion yen, up 4 percent from last year.

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