TOKYO (dpa-AFX) - Shares of Mitsubishi Electric Corp. (MIELF.PK, MIELY.PK) were losing around 5 percent in Japanese trading after the electrical and electronic equipment maker reported Thursday weak net profit in its first quarter with nearly flat revenues.
For the quarter, net profit attributable to company stockholders fell 46 percent to 33.4 billion yen from last year's 61.8 billion yen. Basic earnings per share were 15.86 yen, down from 28.82 yen last year.
Operating profit reached 33.9 billion yen, down 59 percent from 82.7 billion yen a year ago.
Mitsubishi Electric's revenues were 1.068 trillion yen, nearly same as last year's 1.066 trillion yen.
Further, the company said its fiscal 2023 consolidated earnings forecast is unchanged, and continues to expect attributable net profit of 215.0 billion yen, a growth of 6 percent from last year; operating profit of 270 billion yen, up 7 percent year-over-year; and revenues of 4.77 trillion yen, up 7 percent from last year.
In Japan, Mitsubishi Electric shares were trading at 1,409.50 yen, down 5.21 percent.
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