TOKYO (dpa-AFX) - Mitsubishi Electric Corp. (MIELF.PK, MIELY.PK) reported Friday that its third-quarter net income attributable to the company climbed 32 percent from last year to 61.9 billion Japanese yen.
Operating income was 83.1 billion yen, up 54% from the same period last year.
Consolidated net sales for this quarter was 1.04 trillion yen, a 7% increase from the same period of the previous fiscal year, due to increased sales in all segments.
In the first 9 months of fiscal 2018, the global economy saw a stable status in China, a buoyant expansion in the U.S. and gradual trends of recovery in Japan and Europe. In addition, the yen weakened against the U.S. dollar.
Looking ahead, for fiscal 2018, the company lifted its forecast again, citing the growth expected in the Industrial Automation Systems segment in which it sees an increase in demand for capital expenditures mainly in Asia.
The company now forecast attributable net income of 265 billion yen, operating income of 325 billion yen and net sales of 4.42 trillion yen.
The company previously expected attributable net income of 250 billion yen, operating income of 315 billion yen and net sales of 4.39 trillion yen.
The revised net income would be 26 percent higher than last year, operating income up 20 percent and net sales would be up 4 percent.
Copyright RTT News/dpa-AFX