Mitsubishi Electric’s group net profit leaps 310%

Mitsubishi Electric Corp. said Tuesday it posted a group net profit of 6.78 billion yen in the six-month period to Sept. 30, up 309.7 percent from a year earlier, thanks to the effects of a restructuring program.

Mitsubishi Electric regained profitability on a pretax basis for the first half, with a group pretax profit of 11.77 billion yen, marking a turnaround from a loss of 20.38 billion yen a year earlier.

Group sales sank 7.6 percent to 1.63 trillion yen. Net profit per share for the period came to 3.16 yen, up from 0.77 yen the previous year.

The group earnings results are based on U.S. accounting standards.

Mitsubishi Electric said it will skip a midterm stock dividend payment, as it did a year ago, citing a net loss of 77.97 billion yen in 2001 that ate into its retained earnings.

It forecast a group net profit of 25 billion yen for the current year, a reversal from a loss of 77.97 billion yen the previous year, on projected sales of 3.65 trillion yen, marginally up from the previous year’s 3.64 trillion yen.

It forecast a group pretax profit of 45 billion yen, up from a loss of 155.14 billion yen a year earlier.

Sharp profits up 40%

Sharp Corp. said Tuesday its group net profit for the first half jumped 40.5 percent to 22.9 billion yen.

The Osaka-based manufacturer of consumer electronics products attributed this surge to brisk sales of liquid crystal display TVs.

Sharp said sales of LCD TVs during the six-month period grew by 76.3 percent from a year earlier to 33.7 billion yen.

Its group operating profit rose 9.6 percent to 48.9 billion yen on total revenues of 971.8 billion yen, up 7.8 percent from a year ago.

The firm said the popularity of Sharp cell phones featuring built-in cameras also contributed to its improved performance, with sales of mobile handsets increasing 51.1 percent to 116.4 billion yen from the same period last year.

Sales of home appliances such as refrigerators and washing machines, however, fared worse than a year ago.

Sales of air-conditioners declined sharply due to the relatively mild summer.

For the 2002 business year as a whole, the firm expects to generate group net profit of 37 billion yen and total revenue of 2 trillion yen.

Meanwhile, Sanyo Electric Co., another electronics products maker based in Osaka, announced its group net profit for the first half plummeted 61.5 percent to 2.46 billion yen. Its group sales inched up 1.3 percent to 1.04 trillion yen.

The firm blamed a decline in sales of home appliances such as refrigerators and washing machines, which fell 13.3 percent from a year ago to 126.8 billion yen.

The firm also incurred a one-time loss of 10.3 billion yen in connection with group restructuring efforts.

The company said it saw a pickup in other business segments, particularly its electronic devices division, where sales grew 18.8 percent to 224.7 billion yen.

For the full year, the company expects to generate group net profit of 8 billion yen and total sales of 2.1 trillion yen.