Mitsubishi Electric Corp. (Tokyo) fiscal year 2011 ended on March 31, 2011, with home appliance sales of 924.4 billion yen (approx. US$11.3 billion), up 12% from fiscal 2010. Operating income for the Home Appliances business was 42.0, billion yen, compared to 37.1 billion yen in fiscal 2010.
The home appliances increase in sales came from growth in room air-conditioners, LCD TVs, and refrigerators for the Japanese market. Sales were helped by a last-minute surge in sales before the end of eco-point program incentives in the third fiscal quarter. The heat wave in the summer of 2010 helped drive up air-conditioner sales inside and outside Japan. Photovoltaic systems grew globally, benefitting from subsidies and other stimulus programs in many countries.
Corporation net sales as a whole were 3,645.3 billion yen, which Mitsubishi estimated to be $44.46 billion (using March 31, 2011 exchange rates), up 9% from fiscal 2010. Operating income for the year was 233.7 billion yen, a 148% increase from fiscal 2010. Income before income taxes was 210.2 billion yen, which is a 227% increase from the previous fiscal year.
Mitsubishi Electric makes electrical and electronic equipment used in information processing and communications, space development and satellite communications, consumer electronics, industrial technology, energy, transportation, and building equipment.
Mitsubishi, like many companies based in Japan, finds it difficult to forecast future results. The March 2011 earthquake and tsunami in Japan is directly impacting production and logistics and will affect consumer spending. At the same time, there will be increased demand as rebuilding begins. Mitsubishi is working on normalizing its production capacity and will push ahead growth strategies such as expansion of global business, promotion of environment-related businesses, and strengthening of its social infrastructure business.
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