Mitsubishi Appliance Business Half Year Sales Down 8% Nov 9, 2012

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Mitsubishi Electric Corp. (Tokyo) reported an 8% decrease in sales for its Home Appliances business segment in the first half of its current fiscal year. Sales were 423.3 billion yen (approx. US$5.3 billion) in the six-month period ending Sept. 30, 2012. Operating income for the period was 16.8 billion yen (approx. $211 million), down 6.8 billion yen from the same period last year.

Lower sales in the Home Appliances business segment was blamed on much lower demand in Japan for LCD TVs and blu-ray disc recorders, as well as lower sales results for air-conditioners for Europe due to the strong yen against euros.

Mitsubishi's current fiscal year, fiscal 2013, ends March 31, 2013.

The corporation as a whole reported half-year net sales of 1,696.0 billion yen, down 3% from the same period of the previous year. Operating income was $89.6 billion yen, down 21% from the first half of the previous year. Net income was 43.6 billion yen, down 37%.

Mitsubishi noted that the first half of its current fiscal year saw:
* a downturn in the economy in Japan
* continuous slowdown in Europe and Asia
* the U.S. economy remained "buoyant"

Japanese yen remained strong against U.S. dollars and euros.

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