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Mitsubishi Electric fiscal Q2 profit climbs 99.6% YOY

Mitsubishi Electric Corp. said its normalized net income for the fiscal second quarter ended Sept. 30 was ¥21.65 per share, an increase of 99.6% from ¥10.84 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥46.47 billion, a gain of 99.6% from ¥23.28 billion in the year-earlier period.

The normalized profit margin climbed to 4.4% from 2.4% in the year-earlier period.

Total revenue climbed 8.7% on an annual basis to ¥1.062 trillion from ¥977.07 billion, and total operating expenses climbed 7.4% on an annual basis to ¥1.000 trillion from ¥931.54 billion.

Reported net income grew 139.6% from the prior-year period to ¥54.83 billion, or ¥25.54 per share, from ¥22.89 billion, or ¥10.66 per share.

As of Nov. 10, US$1 was equivalent to ¥114.66.