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Mitsubishi Reports Strong First Half Numbers

10/30/2006 02:38:00 PM Eastern

Tokyo – Mitsubishi Electric reported its fiscal first half financial ended September 30 was $15.2 billion in net sales, up 9 percent over last year, while net income was up 94 percent to $479.8 million.

Mitsubishi reported a flat performance for its home appliance business, but an increase in its information and communications division.

For the half Mitsubishi’s home appliance sales were $3.95 billion, a 1 percent increase over last year’s first half, while operating income was down $9.36 million to $13.1 million for the same period.

The company said that sales were up in home appliances, which includes CE products, due to increases in products such as air conditioners for the overseas market, despite reductions in air conditioners for the domestic market, refrigerators, and DVD. Operating income was down due to lower prices, Mitsubishi said.

Information and communication systems sales were up 14 percent to $2.59 billion for the half with operating income reaching $44.2 million, a gain from last year’s loss of $80.8 million, the company reported. The operation saw gains, in part, due to increases in third generation mobile handsets for the domestic market.