Apr 26, 2019   SOURCE: BusinessWire

Mitsubishi Electric Announces Consolidated Financial Results for Fiscal 2019

Mitsubishi Electric Corporation (TOKYO:6503) announced today its consolidated financial results for fiscal 2019 (April 1, 2018- March 31, 2019).

The full document on Mitsubishi Electric’s financial results can be viewed at the following link:
www.MitsubishiElectric.com/news

 

Consolidated Financial Results

Revenue:   4,519.9   billion yen   (2% increase from the previous fiscal year)
Operating profit: 290.4 billion yen (11% decrease from the previous fiscal year)
Profit before income taxes: 315.9 billion yen (11% decrease from the previous fiscal year)
Net profit attributable to Mitsubishi Electric Corp. stockholders: 226.6 billion yen (11% decrease from the previous fiscal year)
 

During the fiscal year ended March 31, 2019, the economy saw a buoyant expansion in the U.S. and a slight slowdown in the Chinese economy, while there were gradual trends of recovery in Japan and Europe despite a recent slowdown in some indicators such as export and production. In addition, the yen, compared to the previous fiscal year, was substantially unchanged against the U.S. dollar, and remained strong against the euro in and after August.

Under these circumstances, the Mitsubishi Electric Group has been working even harder than before to promote growth strategies rooted in its advantages, while continuously implementing initiatives to strengthen its competitiveness and business structure.

As a result, the Mitsubishi Electric Group has recorded a revenue of 4,519.9 billion yen for fiscal 2019, an increase of 2% compared to the previous fiscal year, with increased revenue mainly in the Energy and Electric Systems, Industrial Automation Systems and Home Appliances segments.

Consolidated operating profit decreased by 11% compared to the previous fiscal year to 290.4 billion yen, due to decreased profits in the Industrial Automation Systems and Electronic Devices segments.

Profit before income taxes decreased by 11% compared to the previous fiscal year to 315.9 billion yen, and net profit attributable to Mitsubishi Electric Corporation stockholders decreased by 11% compared to the previous fiscal year to 226.6 billion yen.

Current Forecast for Fiscal 2020

With uncertainty in the global economy due to factors such as U.S. trade policies and influences from Brexit, the global economy is expected to experience a slowdown in growth due to the U.S.-China trade friction making impact on exports and investments in various countries and regions, despite a gradual recovery trend in global business conditions.

Under these circumstances, the Mitsubishi Electric Group aims to achieve its management targets by uplifting its business performance and financial standings through initiatives such as promoting more strongly its global operations centered around its growth-driving businesses, continuously increasing and strengthening profitability in each business and continuously implementing various Group-wide business improvement measures.

The current financial performance forecast for fiscal 2020 follows below.

 

Current consolidated forecast for fiscal 2020

Revenue   4,630.0   billion yen   (2% increase from fiscal 2019)
Operating profit 295.0 billion yen (2% increase from fiscal 2019)
Profit before income taxes 320.0 billion yen (1% increase from fiscal 2019)
Net profit attributable to Mitsubishi Electric Corp. stockholders 240.0 billion yen (6% increase from fiscal 2019)
 

Exchange rates for this forecast is 105 yen to the US dollar, 125 yen to the euro and 16.0 yen to the Chinese yuan.

 

Note:

 

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

 

About Mitsubishi Electric Corporation

With nearly 100 years of experience in providing reliable, high-quality products, Mitsubishi Electric Corporation (TOKYO:6503) is a recognized world leader in the manufacture, marketing and sales of electrical and electronic equipment used in information processing and communications, space development and satellite communications, consumer electronics, industrial technology, energy, transportation and building equipment. Embracing the spirit of its corporate statement, Changes for the Better, and its environmental statement, Eco Changes, Mitsubishi Electric endeavors to be a global, leading green company, enriching society with technology. The company recorded a revenue of 4,519.9 billion yen (US$ 40.7 billion*) in the fiscal year ended March 31, 2019. For more information visit:
www.MitsubishiElectric.com
*At an exchange rate of 111 yen to the US dollar, the rate given by the Tokyo Foreign Exchange Market on March 31, 2019