TOKYO (dpa-AFX) - Japan's Mitsubishi Electric Corp. (MIELF.PK, MIELY.PK) Thursday reported that its second-quarter net profit attributable to stockholders decreased 37 percent from last year to 30.3 billion yen.
Profit before income taxes declined 24 percent to 48.5 billion yen and operating profit fell 31 percent to 41.1 billion yen.
Revenue was 1.04 trillion yen, down 8 percent from the same period last year, as a result of decreased revenue in all segments.
Looking ahead for fiscal 2021, ending March 31, 2021, the company now expects profits to exceed the previous forecast due to the accumulation of positive impact of various business improvement measures, particularly cost reduction.
Meanwhile, revenue for fiscal 2021 is expected to fall below the company's previous forecast, due to the delay in an economic recovery caused by the continuing impact of COVID-19.
The company now expects full-year attributable net profit of 120 billion yen, pre-tax profit of 175 billion yen, and operating profit of 150 billion yen.
The company previously expected attributable net profit of 100 billion yen, pre-tax profit of 145 billion yen, and operating profit of 120 billion yen.
Meanwhile, revenue for the year is now expected to be 4.05 trillion yen, lower than previous estimate of 4.10 trillion yen.
In Japan, Mitsubishi Electric shares were trading at 1,405 yen, up 2.44 percent.
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