Tokyo - Overseas operations posted year-on-year sales growth at Mitsubishi Electric, helped in large part by buoyant sales of projection televisions in the United States.
Mitsubishi's home appliances consumer electronics segment, however, saw overall sales fall 8 percent in the fiscal third quarter, ending Dec. 31, to $1.5 billion, from $1.6 billion in the year-ago period. Operating profit in the segment also slipped, coming in at $69.1 million, compared with $95.7 million in the third quarter of 2001.
For the nine months, home appliances sales edged downward 3 percent, reaching $4.6 billion, compared with $4.7 billion in the same nine months a year earlier. Operating income dropped to $261.4 for the period, down from $312 million in the same nine months in 2001.
Mitsubishi returned to profitability in the third quarter, primarily due to cost reductions and higher sales. The company reported consolidated sales moved up 1 percent in the third quarter, hitting $6.6 billion, compared with $6.5 billion in the third quarter of the previous year. Operating income, however, moved into the black for the three months, coming in at $51.1 million, compared with an operating loss of $370.8 million year on year. Net income also went black in the third quarter, at $9.6 million, compared with a $321.3 million net loss in the third quarter of 2001.
For the nine months, consolidated Mitsubishi sales slipped 5 percent, to $20.3 billion, from $21.3 billion in the same period a year earlier. The company reported operating income of $244.9 million in the nine months, compared with a loss of $287.6 million the previous year. Net income also moved into the black for the nine months, reaching $66.3 million, compared with a loss of $307.5 million a year earlier.