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Mitsubishi Electric fiscal Q1 profit climbs 71.8% YOY

Mitsubishi Electric Corp. said its normalized net income for the fiscal first quarter ended June 30 came to ¥27.85 per share, a gain of 71.8% from ¥16.21 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥59.77 billion, a gain of 71.8% from ¥34.80 billion in the year-earlier period.

The normalized profit margin increased to 5.9% from 3.8% in the year-earlier period.

Total revenue rose 8.5% year over year to ¥1.006 trillion from ¥927.08 billion, and total operating expenses increased 7.4% year over year to ¥931.35 billion from ¥867.37 billion.

Reported net income grew 57.9% year over year to ¥67.74 billion, or ¥31.57 per share, from ¥42.91 billion, or ¥19.99 per share.

As of Aug. 8, US$1 was equivalent to ¥110.77.