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Mitsubishi Overseas First-Half CE Sales Rise

10/29/2002 11:19:00 AM Eastern

Tokyo - Overseas operations in consumer electronics, stimulated by healthy sales of large projection televisions in the United States, posted year-on-year sales growth for Mitsubishi Electric during its fiscal first half, ended Sept. 30.

However, strength in overseas CE sales could not push Mitsubishi's Home Appliances segment, which includes CE products, into positive overall sales territory.

During the first six months, the Home Appliances segment recorded a 1 percent sales decline, to $2.9 billion, compared with $3 billion in the year-ago period. Due to falling sales and prices, segment operating income decreased to $186.5 billion during the first half, down from $208.8 million in the same period in 2001. The company does not break out specific numbers.

Sales in North America dropped 7 percent in the first six months, sliding to $1.2 billion, compared with $1.3 billion in the first half of last year. However, the North American operation did report a first half profit of $19.1 million, compared with a $115.6 million loss in the first half of 2001.

Consolidated first half sales at Mitsubishi Electric slid 8 percent in the first six months, down to $13.3 billion, compared with $14.4 billion in the same period a year ago. However, the company reported an operating profit of $188 million in the first half, up from operating income of $80.2 million in the same six months last year. Net income jumped to $54.3 million in the first six months, compared with $13 million year over year.

Looking ahead to its full fiscal year ended Mar. 31, 2003, Mitsubishi anticipates consolidated net sales of $29.6 billion, recorded in an improving worldwide economy. However, the company does not expect any rapid improvement, due to negative influences such as weak stock prices and increasing global tensions. It is expecting net income of $202.6 million for the 12 months.