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Mitsubishi Boosts CE Segment Sales

2/03/2004 12:52:00 PM Eastern

Tokyo — Mitsubishi Electric’s consumer electronics sales drove fiscal third quarter revenue up 10 percent, while operating income decreased, primarily due to lower selling prices.

Mitsubishi’s home appliances business, which includes consumer electronics and majaps, increased to $1.8 billion in the fourth quarter, up from $1.7 billion in the year-ago period. Operating income dropped to $70.3 million for the three months, ended Dec. 31, compared with $78.3 million year-on-year.

For the nine months, CE segment sales climbed 9 percent, hitting $5.6 billion, compared with $5.2 billion in the same time frame a year ago. Operating income for the period reached $161.4 million, down from $296.3 million in the same nine months in 2002.

Even with a strong recovery in the United States, consolidated Mitsubishi sales dipped 5 percent in the third quarter, to $7.1 billion, from $7.5 billion in the year-ago period.

Despite a slight decrease in the home appliances segment, cost containment procedures helped the company register an increase in consolidated operating income in the third quarter, reaching $255.7 million, up from $56.8 million year-on-year. Net income for the three months rose to $47.4 million, from breakeven the previous year.

For the nine months, Mitsubishi consolidated sales slipped 5 percent, to $21.9 billion, from $23 billion in the same time frame in 2002.

However, consolidated operating income increased to $369.4 million, from $274.6 million the previous year, while net income doubled to $132.6 million, from $66.3 million year-over-year.

Expectations for the year ended March 31, show consolidated sales of $28.4 billion, down 9 percent year-on-year. Operating income should enjoy a year-over-year increase of 27 percent, to $757.6 million, while net income is anticipated at $113.6 million for the 12 months.

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