TOKYO--(BUSINESS WIRE)--Mitsubishi Electric Corporation (TOKYO: 6503) announced today its consolidated financial results for the first half and second quarter, ended September 30, 2019, of the current fiscal year ending March 31, 2020 (fiscal 2020).
The full document on Mitsubishi Electric’s financial results can be viewed at the following link:
www.MitsubishiElectric.com/news
1. Consolidated Half-year Results (April 1, 2019 – September 30, 2019) |
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Revenue: |
2,182.5 |
billion yen |
(1% increase from the same period last year) |
Operating profit: |
114.2 |
billion yen |
(9% decrease from the same period last year) |
Profit before income taxes: |
124.0 |
billion yen |
(12% decrease from the same period last year) |
Net profit attributable to Mitsubishi Electric Corp. stockholders: |
91.2 |
billion yen |
(11% decrease from the same period last year) |
The economy in the first half of fiscal 2020, from April through September 2019, saw a slower growth in China, with the corporate sector experiencing a slowdown in exports and capital expenditures for fixed assets. In the U.S., the economy continued to grow due primarily to buoyant personal consumption, but the corporate sector began to slow down mainly in capital expenditures. In addition, the economic recovery became slower in Japan and Europe, with Japan seeing a decrease in production and exports, and Europe experiencing a fall in production.
Under these circumstances, revenue in the first half of fiscal 2020 increased by 1% compared to the same period of the previous fiscal year to 2,182.5 billion yen with increased revenue in the Energy and Electric Systems, Information and Communication Systems, Electronic Devices and Home Appliances segments.
Operating profit decreased by 9% compared to the same period of the previous fiscal year to 114.2 billion yen, due to decreased profits in the Industrial Automation Systems and Electronic Devices segments.
Profit before income taxes decreased by 12% compared to the same period of the previous fiscal year to 124.0 billion yen.
Net profit attributable to Mitsubishi Electric Corporation stockholders decreased by 11% compared to the same period of the previous fiscal year to 91.2 billion yen.
2. Consolidated Second-quarter Results (July 1, 2019 – September 30, 2019) |
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Revenue: |
1131.7 |
billion yen |
(1% increase from the same period last year) |
Operating profit: |
59.3 |
billion yen |
(8% decrease from the same period last year) |
Profit before income taxes: |
64.2 |
billion yen |
(11% decrease from the same period last year) |
Net profit attributable to Mitsubishi Electric Corp. stockholders: |
48.4 |
billion yen |
(11% decrease from the same period last year) |
Revenue for this quarter, from July through September 2019, was 1,131.7 billion yen, a 1% increase from the same period of the previous fiscal year, due primarily to increased revenue in the Energy and Electric Systems, Information and Communication Systems, Electronic Devices and Home Appliances segments.
Operating profit was 59.3 billion yen, a decrease of 8% from the same period of the previous fiscal year, with decreased profits in the Industrial Automation Systems and Information and Communication Systems segments.
Profit before income taxes decreased by 11% compared to the same period of the previous fiscal year to 64.2 billion yen.
Net profit attributable to Mitsubishi Electric Corporation stockholders decreased by 11% compared to the same period of the previous fiscal year to 48.4 billion yen.
Forecast for Fiscal 2020 (year ending March 31, 2020)
Revenue for fiscal 2020 is expected to fall below the company’s previous forecast, 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 in which the company sees the yen stronger mainly against the euro and Chinese yuan in and after the third fiscal quarter. As a result, the company’s consolidated earnings forecast for fiscal 2020, ending March 31, 2020, has been revised from the announcement on July 30, 2019 as stated below.
Consolidated Earnings Forecast for Fiscal 2020 |
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Consolidated |
Previous forecast
|
Current forecast |
Change from previous forecast |
|
Revenue: |
4,630.0 billion yen |
4,500.0 billion yen |
(Unchanged from fiscal 2019) |
Down 130.0 billion yen, or 3% |
Operating profit: |
295.0 billion yen |
260.0 billion yen |
(10% decrease from fiscal 2019) |
Down 35.0 billion yen, or 12% |
Profit before income taxes: |
320.0 billion yen |
275.0 billion yen |
(13% decrease from fiscal 2019) |
Down 45.0 billion yen, or 14% |
Net profit attributable to Mitsubishi Electric Corp. stockholders: |
240.0 billion yen |
210.0 billion yen |
(7% decrease from fiscal 2019) |
Down 30.0 billion yen, or 13% |
Exchange rates in and after the third quarter of fiscal 2020 is 105 yen to the U.S. dollar, which is unchanged from the previous announcement; 115 yen to the euro, which is 10 yen stronger from the company’s previous announcement; and 15.0 yen to the Chinese yuan, which is 1.0 yen stronger.
Note: The results forecast above is based on assumptions deemed reasonable by the company at the present time, and actual results may differ significantly from forecasts. Please refer to the cautionary statement in the full document. |
About Mitsubishi Electric Corporation
With nearly 100 years of experience in providing reliable, high-quality products, Mitsubishi Electric Corporation (TOKYO: 6503) is a recognized world leader in the manufacture, marketing and sales of electrical and electronic equipment used in information processing and communications, space development and satellite communications, consumer electronics, industrial technology, energy, transportation and building equipment. Embracing the spirit of its corporate statement, Changes for the Better, and its environmental statement, Eco Changes, Mitsubishi Electric endeavors to be a global, leading green company, enriching society with technology. The company recorded a revenue of 4,519.9 billion yen (US$ 40.7 billion*) in the fiscal year ended March 31, 2019. For more information visit:
www.MitsubishiElectric.com
*At an exchange rate of 111 yen to the US dollar, the rate given by the Tokyo Foreign Exchange Market on March 31, 2019
