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Mitsubishi Electric Announces Consolidated Financial Results for the First Quarter of Fiscal 2016

Mitsubishi Electric Corporation has announced its consolidated financial results for the first quarter ending June 30, 2015, of the current fiscal year ending March 31, 2016 (fiscal 2016).

 

Consolidated Financial Results

Net sales: 988.4 billion yen (9% increase from the same quarter last year)
Operating income: 54.6 billion yen (8% decrease from the same quarter last year)
Income before income taxes: 67.1 billion yen (1% decrease from the same quarter last year)
Net income attributable to Mitsubishi Electric Corp.: 46.3 billion yen (8% increase from the same quarter last year)

The business environment in the first quarter (from April through June 2015) of the fiscal year 2016 experienced a continued trend of buoyancy in the U.S. and gradual economic recovery in Europe, in addition to the Japanese market gradually recovering in capital expenditures with from the impact of the rise in consumption taxes receding. Meanwhile, China and other East Asian markets experienced a continued slowdown, while some emerging markets saw higher levels of economic stagnation. In addition, the weakening of the yen advanced against the U.S. dollar.

Under these circumstances, consolidated net sales in the first quarter increased by 9% compared to the same period of the previous fiscal year to 988.4 billion yen, owing to such factors as increased sales in the Energy and Electric Systems, Industrial Automation Systems, Information and Communication Systems, Electronic Devices and Home Appliances segments. Consolidated operating income decreased by 8% compared to the same period of the previous fiscal year to 54.6 billion yen, due to lower profits in the Energy and Electric Systems and Home Appliances segments.

Forecast for Fiscal 2016

The current consolidated earnings forecast for the first half of fiscal 2016, ending September 30, 2015, and for fiscal 2016, ending March 31, 2016, is unchanged from the announcement on April 28, 2015 as stated below.

First Half of Fiscal 2016 Consolidated Earnings Forecast

Net sales 2,060.0 billion yen (4% increase from the same period last year)
Operating income 140.0 billion yen (15% increase from the same period last year)
Income before income taxes 148.0 billion yen (1% increase from the same period last year)
Net income attributable to Mitsubishi Electric Corp. 104.0 billion yen (6% increase from the same period last year)

Fiscal 2016 Consolidated Earnings Forecast

Net sales 4,370.0 billion yen (1% increase from the previous fiscal year)
Operating income 320.0 billion yen (1% increase from the previous fiscal year)
Income before income taxes 320.0 billion yen (1% decrease from the previous fiscal year)
Net income attributable to Mitsubishi Electric Corp. 220.0 billion yen (6% decrease from the previous fiscal year)

 

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