The Home Appliances segment of Mitsubishi Electric Corp. (Tokyo) reported fiscal year 2014 first quarter sales of 218.5 billion yen (approx. US$2.2 billion), up 6% from the first quarter of the previous fiscal year, FY 2013. The first quarter of the company's FY 2014 ended on June 30, 2013.
FY 2014 1Q operating income was 12.2 billion yen, down 0.7 billion yen from FY 2013 1Q.
Mitsubishi said the quarterly gain seen in home appliances business sales came primarily from increased sales of photovoltaic systems and room air-conditioners in Japan and an increase in HVAC equipment business in North America and Asia.
Lower Home Appliances operating income was primarily a result of increased selling expenses worldwide.
Mitsubishi Electric's overall FY 2014 1Q net sales were 834.8 billion yen, up 7% from FY 2013 1Q. Operating income was 34.1 billion yen, down 27%. Income before income taxes was 42.6 billion yen, down 11%. Net income attributable to Mitsubishi Electric Corp. was 25,4 billion yen, down 16%.
Lower overall profits were blamed on lower profits in several of the company's non-appliance business segments: Energy and Electric Systems, Industrial Automation Systems, and Information and Communication Systems segments.
to Daily News