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Mitsubishi Electric fiscal Q3 profit falls YOY

Mitsubishi Electric Corp. said its normalized net income for the fiscal third quarter ended Dec. 31, 2016, was ¥19.74 per share, a decrease of 15.0% from ¥23.21 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥42.36 billion, a decline of 15.0% from ¥49.82 billion in the year-earlier period.

The normalized profit margin declined to 4.3% from 4.8% in the year-earlier period.

Total revenue decreased 5.2% year over year to ¥974.76 billion from ¥1.028 trillion, and total operating expenses decreased from the prior-year period to ¥920.93 billion from ¥948.02 billion.

Reported net income declined 21.5% year over year to ¥47.00 billion, or ¥21.90 per share, from ¥59.88 billion, or ¥27.89 per share.

As of Feb. 8, US$1 was equivalent to ¥111.80.