Mitsubishi Electric Home Appliances 9-Month Sales Down 5% Feb 11, 2013

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Decreased sales and decreased profits in Home Appliances contributed to overall lower sales and operating profits in the first nine months of Mitsubishi Electric Corporation's fiscal year 2013.

Mitsubishi Electric's (Tokyo) fiscal third quarter ended Dec. 31, 2012. The 2013 fiscal year ends Mar. 31, 2013.

Mitsubishi's Home Appliances business had total nine-month sales of 615.4 billion yen (approx. $6.6 billion), down 5% from the same period in the previous fiscal year. Home Appliances operating income was 18.1 billion yen, down 6.3 billion yen from the first nine of the previous fiscal year.

The home appliances business sales decrease was primarily a result of reduced demand in Japan for LCD TVs and disc players, as well as a decrease in European air-conditioners due to the strong yen against euros in the first half of the fiscal year.

Mitsubishi Electric reported nine-month net sales of 2,506.8 billion yen (approx. US$26.9 billion), down 2% from the first nine moths of the previous fiscal year. The operating income was 113.2 billion yen (approx. $1.2 billion), down 30% from the same period in the previous year.

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