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Mitsubishi Electric fiscal Q1 profit falls YOY

Mitsubishi Electric Corp. said its normalized net income for the fiscal first quarter ended June 30 amounted to ¥16.21 per share, a decrease of 9.9% from ¥17.99 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥34.80 billion, a decrease of 9.9% from ¥38.62 billion in the year-earlier period.

The normalized profit margin declined to 3.8% from 3.9% in the year-earlier period.

Total revenue decreased 6.2% on an annual basis to ¥927.08 billion from ¥988.44 billion, and total operating expenses declined 7.1% on an annual basis to ¥867.37 billion from ¥933.81 billion.

Reported net income declined 7.3% from the prior-year period to ¥42.91 billion, or ¥19.99 per share, from ¥46.32 billion, or ¥21.57 per share.

As of Aug. 3, US$1 was equivalent to ¥101.29.