TOKYO (dpa-AFX) - Shares of Mitsubishi Electric Corp. (MIELF.PK, MIELY.PK) were gaining more than 2 percent in Japanese trading after the electrical and electronic equipment maker reported Thursday higher profit in its third quarter with strong revenue growth. Looking ahead for fiscal 2023, the company maintained earnings view, but raised revenue forecast.
The third-quarter net profit attributable to stockholders increased 48 percent from last year to 64.5 billion yen.
Profit before income taxes increased 46 percent year-on-year to 85.9 billion yen, and operating profit grew 58 percent from last year to 82.7 billion yen.
The higher results mainly reflected increases in the Life segment, Industry and Mobility segment and the Business Platform segment, despite a decrease in the Infrastructure segment.
Operating profit ratio improved by 1.7 points year-on-year to 6.7 percent due mainly to an increase in revenue.
Revenue increased 18 percent year-on-year to 1.23 trillion yen, owing primarily to the weaker yen, the company said.
Looking ahead for fiscal 2023, Mitsubishi continues to expect attributable net profit of 215 billion yen, a growth of 6 percent from last year; and operating profit of 270 billion yen, up 7 percent year-over-year.
Further, the company raised revenue forecast to 5.02 trillion yen from previous estimate of 4.77 trillion yen, up 12 percent from last year.
Revenue is expected to exceed the previous view due to the impact of the weaker yen and an increase in demand for the Life segment, while earnings view remains unchanged due primarily to a shift in project portfolios and lower profitability in the Infrastructure segment, as well as the rise in semiconductor and other electronic components prices.
In Japan, Mitsubishi Electric shares were trading at 1,455.50 yen, up 2.2 percent.
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