• Kyodo News

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Mitsubishi Electric Corp. said Friday its group net profit in fiscal 2009 jumped 2.3-fold to ¥28.28 billion on cost-cutting efforts.

For the business year ended in March, the company posted a group operating profit of ¥94.30 billion, down 32.5 percent from the previous year, on sales of ¥3.35 trillion, down 8.5 percent, due to the stronger yen and the sluggish economic recovery.

The electronics maker said sales fell in industrial automation systems and information and communication systems, while sales in social infrastructure systems grew.

The company said it will pay a full-year dividend of ¥4 per share after skipping a dividend in the first half of the year.

For the current fiscal year through next March, the company expects group net profit to rise 147.5 percent to ¥70 billion on group sales of ¥3.48 trillion, up 3.8 percent.

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