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Mitsubishi Electric Announces Half-Year Results
Oct 31, 2003
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Japanese electronics manufacturer Mitsubishi Electric Corporation announced its consolidated and non-consolidated financial results for the half-year ended September 30.

Consolidated results included net sales of 1.5641 trillion yen (approx. U.S. $14.3 billion), a 5-percent decrease from the previous semiannual period. Operating income totaled 12.0 billion yen, a 48-percent decrease from the previous semiannual period. Net income was 3.8 billion yen, a 44-percent decrease from the previous semiannual period.

Non-consolidated results included net sales of 911.3 billion yen, a 13-percent decrease from the previous semiannual period. Operating income was -3.0 billion yen, and ordinary profit was 21.4 billion yen, a 136-percent increase from the previous semiannual period. Non-consolidated net income was 17.2 billion yen, a 89-percent increase from the previous semiannual period.

The business environment during the fiscal 2004 interim period saw a recovery centering on the corporate sector in the U.S. together with the expansion of economies in parts of Asia. However, as a whole, the feeling of recovery in the global economy was weak. Furthermore, though the deceleration trend of the Japanese economy appeared to be halting, severe economic conditions continued with the advancing of deflation, a lack of power in the recovery of domestic demand and other factors.

Under these circumstances, Mitsubishi Electric spun off its semiconductor business centered on system LSIs and formed a joint venture, Renesas Technology Corporation (hereafter, Renesas), with Hitachi, Ltd. on April 1, 2003. In addition, the company spun off the industrial electric and automation systems business for manufacturing plants and set up a joint venture, Toshiba Mitsubishi Electric Industrial Systems Corporation, with Toshiba Corporation on Oct. 1, 2003.

The company’s results for appliance-related industries included the following highlights:
Electronic Devices
This segment recorded net sales of 87.3 billion yen, a 61-percent decrease from the corresponding period of the previous fiscal year, while operating income improved by 20.5 billion yen to a loss of 4.5 billion yen.

The semiconductor business posted increases in laser diodes for recordable DVD players, semiconductor manufacturing equipment, and power modules for industrial machinery bound for Asia, centering on China. However, the impact from spinning off the system LSI and system memory businesses led to decreases from the corresponding period of the previous fiscal year in both orders and net sales, the company said.

Within the liquid crystal business, FA display devices and other products for the industrial sector did well, but the drop in prices within the general use panel sector and other factors led to decreases from the corresponding period of the previous fiscal year in both orders and net sales.

As a result, total sales for this segment showed a decrease of 61 percent from the previous year, while operating income improved by 20.5 billion yen due to the improved performance of the semiconductor business and other factors.

Home Appliances
This segment, compared to the corresponding period in the previous year, showed and 9-percent increase in net sales to 403.4 billion yen, while operating income was 9.6 billion yen, a 13.3- billion-yen decrease.

Sales in ventilators, hot water heaters, solar power generation systems, and other residential home equipment for the domestic market, DVD-related equipment, and packaged and home-air conditioners for Europe increased. These increases offset the decrease in home air conditioners, refrigerators and other appliances for the domestic market, leading to an overall sales increase from the previous year.

As a result, total sales for this segment increase by 9 percent from the corresponding period of the previous fiscal year, while operating income decreased by 13.3 billion yen due to decreased sales prices and other factors, Mitsubishi Electric said.

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