Mitsubishi Electric 1Q Appliance Revenues Up Aug 4, 2011

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Mitsubishi Electric saw revenues rising in the first quarter of its fiscal year, including increased revenues from its home Appliances business.

Mitsubishi Electric Corp. (Tokyo) reported net sales of 813.6 billion yen (approx. US$10.55 billion) in the first quarter of its 2012 fiscal year, up 4% from the same quarter last year. Operating income was 52.2 billion yen, up 1% from the same quarter a year ago. Income before income taxes was 49.2 billion yen, up 5%.

Mitsubishi saw a recovery trend in the quarter, stemming from "buoyancy" in demand for capital expenditures, primarily in Asia – this despite the sharp drop in domestic Japanese production due to the Great East Japan Earthquake and despite the Japanese yen appreciating against U.S. dollars.

Net sales in the quarter were up 4% over the same quarter of the previous year to reach 813.6 billion yen, with revenue increasing in the companies Home Appliances business as well as Energy and Electric Systems, Industrial Automation Systems, and Electronic Devices.

Consolidated operating income increased 1% compared to the same quarter a year ago to 52.2 billion yen – again due to higher profits in Home Appliances, as well as in Industrial Automation Systems and Electronic Devices.

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