Mitsubishi Posts Sales, Profit Increases

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Tokyo - Mitsubishi Electric posted an 11 percent gain in first-quarter net sales to 778.9 billion yen, with operating income rising seven-fold to 51.5 billion yen and the electronics division seeing a 43 percent sales increase.

The electronics division increase compares with a 41 percent sales decrease in the prior-year period.

Net income for the quarter, ending June 30, hit 26.2 billion yen, down from 28.2 billion yen in the previous quarter.

"Management conditions during the first quarter of fiscal 2011 have experienced an ongoing trend of gradual recovery despite the yen's appreciation, mainly against euro, as well as slow economic recovery in certain countries and regions," Mitsubishi said.

Because of this, Mitsubishi said, first-quarter consolidated net sales rose by 11 percent compared with the prior-year period to 778.9 billion yen, owing in part to increased revenues in the industrial automation systems, electronic devices and home appliances segments.

Consolidated operating income increased "seven-fold," to 51.5 billion yen, from the year-ago period, Mitsubishi said, due in part to higher profits from the energy and electric systems, industrial automation systems, electronic devices and home appliances segments.

The electronic devices division saw sales of 41.5 billion yen, a 43 percent increase from the same quarter last year. Operating income was 0.7 billion yen, an improvement of 3.3 billion yen from the prior-year period.

 "The semiconductor business saw increases in both orders and sales from the same period of the previous fiscal year owing to increased orders in power modules for consumer and industrial use, in addition to a market recovery in optical transmission devices," the company said.

"The LCD module business saw increases in both orders and sales from the same period of the previous fiscal year due to increased orders for industrial-use products."

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