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Mitsubishi Reports Q3 Net Loss

2/02/2009 02:42:00 PM Eastern

Tokyo — Mitsubishi Electric reported lower sales and a net loss for its third quarter, ended March 31.

The downturn in the global economy and a stronger Japanese yen compared with the U.S. dollar and other currencies were blamed.

Net sales for the third quarter were $8.9 billion, down 11 percent compared to the same period last year. There was a net loss for the quarter of $314.8 million.

In its electronic devices business, sales were down 22 percent during the quarter vs. last year to $416.1 million. The unit’s operating loss was $23.3 million, $55.6 million worse than last year’s operating loss.

Semiconductor orders were down as well as sales, with sales decreases for such devices as power amps for domestic mobile handsets, laser diodes for DVD recorders and LCDs.

Mitsubishi Electric also revised its fiscal 2009 results, showing lower sales and a lower net profit for the period ending March 31.

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