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Mitsubishi Electric fiscal Q1 profit climbs 60.6% YOY

Mitsubishi Electric Corp. said its normalized net income for the fiscal first quarter ended June 30 was ¥18.55 per share, an increase of 60.6% from ¥11.55 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥39.83 billion, an increase of 60.6% from ¥24.81 billion in the prior-year period.

The normalized profit margin increased to 4.4% from 3.0% in the year-earlier period.

Total revenue grew 9.1% on an annual basis to ¥910.65 billion from ¥834.83 billion, and total operating expenses increased 6.3% on an annual basis to ¥851.33 billion from ¥800.63 billion.

Reported net income grew 69.0% on an annual basis to ¥43.02 billion, or ¥20.04 per share, from ¥25.46 billion, or ¥11.86 per share.

As of Aug. 7, US$1 was equivalent to ¥102.16.