Mitsubishi Electric Announces Consolidated Financial Results for the First Quarter of Fiscal 2019
TOKYO--(BUSINESS WIRE)--Jul 30, 2018--Mitsubishi Electric Corporation (TOKYO:6503) announced today its consolidated financial results for the first quarter, ended June 30, 2018, of the current fiscal year ending March 31, 2019 (fiscal 2019).
The full document on Mitsubishi Electric’s financial results can be viewed at the following link: www.MitsubishiElectric.com/news
The global economy in the first quarter, from April through June 2018, of fiscal 2019 saw a slight slowdown in China, a buoyant expansion in the U.S. and gradual trends of recovery in Japan and Europe. In addition, the yen appreciated against the U.S. dollar and weakened against the euro compared to the same period of the previous fiscal year.
Under these circumstances, consolidated net sales in the first quarter increased by 2% compared to the same period of the previous fiscal year to 1,050.9 billion yen with increased sales in the Industrial Automation Systems, Electronic Devices and Home Appliances segments. Consolidated operating income decreased by 18% compared to the same period of the previous fiscal year to 61.5 billion yen, due to decreased profits in all segments.
Income before income taxes decreased by 15% compared to the same period of the previous fiscal year to 68.7 billion yen.
Net income attributable to Mitsubishi Electric Corporation stockholders decreased by 17% compared to the same period of the previous fiscal year to 47.5 billion yen.
Forecast for Fiscal 2019 The current consolidated earnings forecast for fiscal 2019, ending March 31, 2019, is unchanged from the announcement on April 27, 2018 as stated below.
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 consolidated group sales of 4,444.4 billion yen (in accordance with IFRS; US$ 41.9 billion*) in the fiscal year ended March 31, 2018. For more information visit: www.MitsubishiElectric.com *At an exchange rate of 106 yen to the US dollar, the rate given by the Tokyo Foreign Exchange Market on March 31, 2018
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CONTACT: Mitsubishi Electric Corporation
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SOURCE: Mitsubishi Electric Corporation
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PUB: 07/30/2018 12:25 AM/DISC: 07/30/2018 12:25 AM