Mitsubishi Electric Corp. (MIELF.PK,MIELY.PK) reported first-quarter income before income taxes of 67.8 billion yen, compared to 42.6 billion yen, a year ago. Net income attributable to company increased to 43.0 billion yen from 25.4 billion yen.
Net sales were 910.6 billion yen, compared to 834.8 billion yen, prior year. consolidated net sales increased by 9% owing to increased sales in the Energy and Electric Systems, Industrial Automation Systems, Electronic Devices and Home Appliances segments, the company said.
The company revised its consolidated earnings forecast for the first half of fiscal 2015, ending September 30, 2014, and for fiscal 2015, ending March 31, 2015, from the announcement on April 28, 2014.
For the first-half, the company now expects its net sales to be 1.98 trillion yen, compared to the prior forecase of 1.95 trillion yen. Net income attributable to Mitsubishi Electric is now expected to be at 80.0 billion yen compared to prior guidance of 68.0 billion yen.
For fiscal 2015, the company now expects its net sales to be 4.22 trillion yen compared to the prior forecast of 4.18 trillion yen. The company continues to expect net income attributable to Mitsubishi to be at 175.0 billion yen for fiscal 2015.
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