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Mitsubishi Posts Lower Annual Sales, Earnings

4/30/2009 02:33:00 PM Eastern

Tokyo — Mitsubishi Electric reported consolidated net sales were $37.8 billion, down 9 percent, while net income was down 92 percent to $124.9 million in its fiscal year, ended March 31.

In electronic devices, sales were down 13 percent to $1.7 billion with an operating loss of $307.6 million. Semiconductor sales were down, along with laser diodes for DVD recorders and power amps for mobile handsets. LCD sales were unchanged from the prior year due to an increase in products for consumer use, despite a “great decrease” in products for industrial use, the company said.

In home appliances, sales were down 8 percent to $9.5 billion and operating income was $358.3 million, $320 million lower than last year.

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