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Mitsubishi Posts Q2 Sales, Profit Gains

7/28/2008 02:15:00 PM Eastern

Tokyo — Mitsubishi Electric reported higher sales and operating income for its Home Appliances division during its fiscal first quarter.

The division, which includes consumer electronics and home appliances, had sales of $2.35 billion, a 7 percent gain in the quarter, ended June 30, vs. the same quarter last year.

Operating income for the division during the quarter was $207.8 million, a $35.3 million gain compared with the previous year’s second quarter.

Appliance sales domestically and worldwide helped increase the division’s sales, along with digital A/V product and solar-power-generation systems, the company reported.

Corporately, Mitsubishi’s net sales were $8.15 billion, up 1 percent from the same quarter last year, while net income was $512.1 million, a 19 percent increase from the prior year’s fiscal first quarter.