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Mitsubishi Electric fiscal Q2 profit falls YOY

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Mitsubishi Electric fiscal Q2 profit falls YOY

Mitsubishi Electric Corp. said its normalized net income for the fiscal second quarter ended Sept. 30 came to ¥17.85 per share, a decline of 17.5% from ¥21.65 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥38.33 billion, a decrease of 17.5% from ¥46.47 billion in the year-earlier period.

The normalized profit margin declined to 3.6% from 4.4% in the year-earlier period.

Total revenue climbed on an annual basis to ¥1.075 trillion from ¥1.062 trillion, and total operating expenses totaled ¥1.002 trillion, compared with ¥1.000 trillion in the year-earlier period.

Reported net income declined 15.0% year over year to ¥46.61 billion, or ¥21.71 per share, from ¥54.83 billion, or ¥25.54 per share.

As of Nov. 10, US$1 was equivalent to ¥123.26.