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Mitsubishi Electric fiscal Q4 profit falls YOY

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Mitsubishi Electric fiscal Q4 profit falls YOY

Mitsubishi Electric Corp. said its normalized net income for the fiscal fourth quarter ended March 31 came to ¥23.45 per share, a decrease of 15.2% from ¥27.64 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥50.32 billion, a decline of 15.2% from ¥59.34 billion in the year-earlier period.

The normalized profit margin fell to 3.9% from 4.6% in the year-earlier period.

Total revenue came to ¥1.292 trillion, compared with ¥1.303 trillion in the prior-year period, and total operating expenses totaled ¥1.197 trillion, compared with ¥1.209 trillion in the year-earlier period.

Reported net income totaled ¥75.15 billion, or ¥35.02 per share, compared with ¥75.69 billion, or ¥35.26 per share, in the prior-year period.

For the year, the company's normalized net income totaled ¥76.31 per share, compared to EPS of ¥86.69 in the prior year.

Normalized net income was ¥163.78 billion, a decline from ¥186.11 billion in the prior year.

Full-year total revenue declined from the prior-year period to ¥4.239 trillion from ¥4.394 trillion, and total operating expenses fell on an annual basis to ¥3.969 trillion from ¥4.093 trillion.

The company said reported net income decreased on an annual basis to ¥210.49 billion, or ¥98.07 per share, in the full year, from ¥228.49 billion, or ¥106.43 per share.

As of June 29, US$1 was equivalent to ¥112.60.