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.”
