Mitsubishi Electric Corp. (Tokyo) revised its earnings forecast for fiscal year 2010, which ends March 31, 2010. Appliance business results, however, are still expected to show a loss.
As a result of better-than-expected increases in global construction sales in the company's Industrial Automation Systems and Electronic Devices segments are expected to be stronger than the forecast announced by Mitsubishi in February.
Net income attributable to Mitsubishi Electric Corporation has been revised from a loss of 20,000 million yen (approx. US$221 million) to a profit of 25,000 million yen (approx. US$276 million).
Mitsubishi's home appliance business, which accounts for about 22% of its overall revenues, is expected to have sales of 810 billion yen (approx. US$8.95 billion) in fiscal 2010. Sales for home appliances were 915.7 billion yen in FY2009 (approx. US$10.14 billion).
to Daily News