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Mitsubishi CE Segment Sales Rise 9%

12/10/2003 10:30:00 AM Eastern

Tokyo - Sales in the home appliance segment at Mitsubishi Electric climbed 9 percent in the company’s fiscal first half, hitting $3.8 billion, up from $3.4 billion in the year-ago period.

Mitsubishi’s home appliance business, the company’s largest, includes consumer electronics.

Operating income for the home appliance segment for the six months, ended Sept. 30, dropped by about 58 percent, to $89.7 million, down from $214.5 million in the first six months a year ago. The company said decreased product selling prices were responsible for much of the slide.

Sales in Mitsubishi’s North American geographic segment dropped 23 percent in the first half, coming in at $1.1 billion, compared with $1.4 billion a year earlier. Operating income in the North American segment hit $11.3 million, down about one-half from the $22 million recorded in the first half of last year.

Even with a recovery centering on the U.S. corporate sector, Mitsubishi reported a 5 percent decrease in consolidated sales during the first half, down to $14.6 billion, from $15.3 billion year on year. Operating income for the first six months slid 48 percent, to $111.8 million, down from $216.2 million in the same period in 2002, while net income for the first half decreased 44 percent, to $35.4 million, from $62.4 million in the first six months of last year.

Looking to its full-year performance for the 12 months, ending in March of 2004, Mitsubishi said consolidated sales should reach $30.7 billion, about a 9 percent decrease from the $34 billion recorded in the year-earlier period, while income for the fiscal year is expected to hit $111.8 million, compared with a loss of $129.5 million year over year.