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Mitsubishi CE Segment Sales Off 1%

4/29/2004 09:00:00 AM Eastern

Tokyo — DVD-related product sales outweighed sliding results for CRT-type color televisions, helping Mitsubishi Electric keep 12-month sales in its consumer electronics-based home appliances segment to only a 1 percent decrease from the previous year, coming in at $7.1 billion.

Operating income for the CE segment slowed to $176.4 million for Mitsubishi’s fiscal year, ended March 31, down from $330 million in the same 12 months a year ago.

Consolidated Mitsubishi sales for the 12 months reached $30.3 billion, a 5 percent decrease from the previous year. Operating income, however, jumped 47 percent in the year to $847.3 million, while net income was 34 times larger year-on-year to $409.5 million.

Looking ahead, Mitsubishi expects to increase consolidated yearly sales 3 percent, in the period ending in March 2005, to $31.7 billion. At the same time, it anticipates a 19 percent operating income increase for the current 12 months of $1 billion, along with a 34 percent rise in net income to $548.4 million.

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