Mitsubishi Electric Corp. said Thursday its group net profit for the fiscal first half dropped 43.6 percent to 3.82 billion yen, due to slumping sales and price falls.
Mitsubishi Electric, which incurred a group net loss on a full-year basis the last two years, also reported a 4.6 percent decline in sales to 1.6 trillion yen for the six-month period.
The bottom line was weighed down by sluggish sales and weakened price competitiveness in the heavy electrical business, which plunged into the red with an operating loss of 5.7 billion yen, the company said.
Operating losses narrowed to 3.4 billion yen in the telecom systems division and to 4.5 billion yen in electronic devices, it said.
For the full year to March, Mitsubishi Electric maintained its previous outlook, forecasting a net profit of 12 billion yen, a pretax profit of 20 billion yen and sales of 3.3 trillion yen on a consolidated basis.