Categories: Wire Stories

Mitsubishi Electric Announces Consolidated Financial Results for the First Quarter of Fiscal 2024

TOKYO–(BUSINESS WIRE)–Mitsubishi Electric Corporation (TOKYO: 6503) announced today its consolidated financial results for the first quarter, ended June 30, 2023, of the current fiscal year ending March 31, 2024 (fiscal 2024).


The full document on Mitsubishi Electric’s financial results can be viewed at the following link:

www.MitsubishiElectric.com/news

Consolidated Financial Results

Revenue:

 

1,220.3

 

billion yen

 

(14% increase year-on-year)

Operating profit:

 

61.0

 

billion yen

 

(80% increase year-on-year)

Profit before income taxes:

 

76.8

 

billion yen

 

(64% increase year-on-year)

Net profit attributable to

Mitsubishi Electric Corp. stockholders:

 

57.8

 

billion yen

 

(73% increase year-on-year)

The economy in the first quarter, from April through June 2023, of fiscal 2024 continued to see recovery primarily in the household sector in Japan. In the U.S., the economy continued to see recovery in the corporate and household sectors despite monetary tightening and other factors. In China, recovery remained moderate due to slower production and export. In Europe, there were slowdowns in the corporate and household sectors due to monetary tightening and other factors.

Forecast for Fiscal 2024

The consolidated earnings forecast for fiscal 2024, ending March 31, 2024, is unchanged from the previous announcement on April 28, 2023 as stated below.

Current consolidated forecast for fiscal 2024

Revenue:

 

5,200.0

 

billion yen

 

(4% increase year-on-year)

Operating profit:

 

330.0

 

billion yen

 

(26% increase year-on-year)

Profit before income taxes:

 

355.0

 

billion yen

 

(22% increase year-on-year)

Net profit attributable to

Mitsubishi Electric Corp.

stockholders:

 

260.0

 

billion yen

 

(22% increase year-on-year)

Exchange rates for this forecast from second quarter onwards are 130 yen to the U.S. dollar (5 yen weaker than the previous forecast), 140 yen to the euro (5 yen weaker than the previous forecast) and 19.0 yen to the Chinese yuan (0.5 yen weaker than the previous forecast).

Note: The results forecast above is based on assumptions deemed reasonable by Mitsubishi Electric at the present time, and actual results may differ significantly from forecasts. Please refer to the cautionary statement in the full document.

 

Contacts

Investor Relations Inquiries
Corporate IR&SR Division

Mitsubishi Electric Corporation

Tel: +81-3-3218-2391

Cad.Irg@rk.MitsubishiElectric.co.jp

Media Inquiries
Madoka Iwanaga

Public Relations Division

Mitsubishi Electric Corporation

Tel: +81-3-3218-6655

prd.gnews@nk.MitsubishiElectric.co.jp
www.MitsubishiElectric.com/news/

Alex

Recent Posts

China Focus: Technology sows seeds of hope in combating desertification

HOHHOT, CHINA - Media OutReach Newswire - 23 December 2024 - China's National Forestry and…

8 hours ago

Novautek Honored with the “Outstanding SME ESG and Business Performance Award”

HONG KONG SAR - EQS Newswire - 23 December 2024 - Novautek Autonomous Driving Limited…

11 hours ago

V-GREEN and Xanh SM Indonesia sign MoU with Lippo for comprehensive green ecosystem in Indonesia

JAKARTA, INDONESIA - Media OutReach Newswire - 23 December 2024 - V-GREEN and PT Xanh…

11 hours ago

Molex Anticipates Steady Growth in High-Speed Connectivity in 2025, Driving Electronics Design Innovations Across Diverse Industry Sectors

Increase in opportunities predicted for high-speed optical transceivers and miniaturized connectivity solutions to address data-intensive…

13 hours ago

Celebrating 25 Years of Excellence: DYXnet Embarks the New Chapter of Digital Transformation

HONG KONG SAR - Media OutReach Newswire - 23 December 2024 - DYXnet, a wholly-owned…

13 hours ago

The Top 10 Best Places to Work in Egypt for 2024 revealed

CAIRO, EGYPT - Media OutReach Newswire - 23 December 2024 - Eand, Novo Nordisk, BSH,…

16 hours ago