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Mitsubishi Electric fiscal Q3 profit climbs 16.2% YOY

Mitsubishi Electric Corp. said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, amounted to ¥23.21 per share, a gain of 16.2% from ¥19.96 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥49.82 billion, an increase of 16.2% from ¥42.86 billion in the prior-year period.

The normalized profit margin rose to 4.8% from 4.2% in the year-earlier period.

Total revenue climbed year over year to ¥1.028 trillion from ¥1.010 trillion, and total operating expenses climbed from the prior-year period to ¥948.02 billion from ¥930.48 billion.

Reported net income grew 25.4% year over year to ¥59.88 billion, or ¥27.89 per share, from ¥47.75 billion, or ¥22.24 per share.

As of Feb. 9, US$1 was equivalent to ¥114.79.