Mitsubishi 6-Month Appliance Sales Down 1% Oct 31, 2011

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Mitsubishi Electric Corp. (Tokyo) reported its sales of home appliances in the first half of its current fiscal year were 460.3 billion yen (approx. US$303 million), down 1% from the first half of the previous fiscal year. The operating income in its Home Appliances business segment was 23.6 billion yen, down 2.8 billion yen from the same period in the previous year.

Mitsubishi first-half ended Sept. 30, 2011; the current fiscal year (fiscal 2012) ends March 31, 2012.

Mitsubishi said the decrease in sales was due primarily to declines in demand for overseas photovoltaic systems, mainly in Europe, and declines in demand for electric hot water supply systems and induction cooking systems in Japan.

The Home Appliances business segment saw growth in air-conditioners for markets outside Japan and in photovoltaic systems for the Japanese market.

In the second quarter of the current fiscal year, the Home Appliances business segment's total sales were 227.9 billion yen, down 9% from the same period last year. Operating income was 8.9 billion yen, a 3.3 billion yen decrease from the same period last year. The sales decrease was blamed on overseas photovoltaic systems decreases, mainly in Europe, and decreases in air-conditioners, electric hot water systems, and induction cooking systems for the Japanese market.

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