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Mitsubishi Electric fiscal Q2 profit climbs 38.9% YOY

Mitsubishi Electric Corp. said its normalized net income for the fiscal second quarter ended Sept. 30 came to ¥23.50 per share, a gain of 38.9% from ¥16.92 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥50.42 billion, a gain of 38.9% from ¥36.31 billion in the year-earlier period.

The normalized profit margin rose to 4.7% from 3.5% in the year-earlier period.

Total revenue grew year over year to ¥1.071 trillion from ¥1.045 trillion, and total operating expenses increased year over year to ¥995.69 billion from ¥983.23 billion.

Reported net income increased 39.5% on an annual basis to ¥63.38 billion, or ¥29.54 per share, from ¥45.43 billion, or ¥21.17 per share.

As of Nov. 9, US$1 was equivalent to ¥113.67.