TOKYO (dpa-AFX) - Japanese electrical and electronic equipment maker Mitsubishi Electric Corp. (MIELF.PK, MIELY.PK) reported late Tuesday that its third-quarter net profit attributable to stockholders fell 27 percent from last year to 43.6 billion Japanese yen.
Profit before income taxes declined 29 percent to 58.8 billion yen and operating profit also fell 31 percent to 52.3 billion yen.
Revenue remained substantially unchanged from the last year at 1.04 trillion yen.
The results reflected increased revenue in Industrial Automation Systems and Electronic Devices segments, offset by decreased revenue in Energy and Electric Systems and Information and Communication Systems segments.
Looking ahead for fiscal 2022, Mitsubishi Electric said its business performance is expected to fall below the previous forecast considering the impact of material prices soaring and shortages of semiconductors and other electronic components.
The company now expects attributable net income of 210 billion yen, operating profit of 260 billion yen and revenues of 4.49 trillion yen.
The previous expectation was attributable net income of 220 billion yen, operating profit of 280 billion yen and revenues of 4.50 trillion yen.
In Japan, Mitsubishi Electric shares were trading at 1,394 yen, down 3.23 percent.
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