Mitsubishi Electric Corporation (TOKYO: 6503) announced its consolidated monetary effects for the first quarter ended June 30, 2020, of the existing fiscal year ending March 31, 2021 (fiscal year 2021).
The full document on Mitsubishi Electrics’ monetary effects can be found at the following link: www.MitsubishiElectric.com/news
Consolidated monetary results
Income:
858,1
billion yen
(Decrease from 18% to the same time last year)
Operating income:
20,2
billion yen
(63% down from last year)
Profit before income taxes:
27,1
billion yen
(55% minimize from last year)
Net source of revenue attributable to Mitsubishi Electric Corp. shareholders:
17,8
billion yen
(Decrease 58% at the same time last year)
The economy in the first quarter, from April to June 2020, fiscal year 2021 has sometimes experienced a complicated business environment with the severe effect of new coronavirus diseases (COVID-19) that caused a significant slowdown in the business and family sectors in Japan.Array in the United States and Europe, while China experienced a slow recovery due mainly to an increase in capital investment spending. There were also symptoms of a depression in the wave, with measures to absolutely restart the economy recently in various countries and regions.
Income
First quarter earnings decreased from 192.6 billion yen compared to the same time last year to 858.1 billion yen due to declining profits across all segments. The energy and electrical systems sector experienced a decline in the activity of structural systems, which experienced a global stagnation in urban progression and structure due to the effect of COVID-19, while activity in social infrastructure systems increased, with transport corporations and electrical systems. remaining dynamic in Japan. The commercial automation systems segment experienced a decrease in automotive equipment activity due to a slowdown in global demand for new cars. The household appliances sector experienced a significant decline in air conditioners, with particularly limited economic activity outside Japan and limited capital expenditures in Japan.
Operating income
The operating source of revenue decreased to 34.7 billion yen compared to last year to 20.2 billion yen basically due to the decrease in the operating source of revenue in the segments of commercial automation systems, appliances and data and communication systems, while the operational source of revenue increased in the energy segments , electrical and electronic systems. The operating source revenue index decreased by 2.8% compared to the same time last year to 2.4%.
The recharge rate rose 0.9% compared to the same time last year basically due to decrease in profits in commercial automation systems and household appliances, in addition to the appreciation of the yen against other currencies. Selling, general and administrative expenses decreased to 27.6 billion yen compared to the same time last year basically due to reduced charges, however, the ratio of sales, general and administrative expenses and profits increased by 2.0%. Other gains (losses) rose to 0.8 billion yen compared to the same time last year, while the ratio of other gains (losses) and gains advanced by 0.1%.
Benefits before the source of income taxes
Earnings before the source of income tax decreased to 32.6 billion yen compared to the same time last year to 27.1 billion yen, mainly due to a decrease in the source of operating income despite an improvement in non-operating expenses due to declining foreign exchange losses. The source rate of tax revenue is 3.2%.
Net source of revenue attributable to Mitsubishi Electric Corporation shareholders
The net source of revenue attributable to Mitsubishi Electric Corporation shareholders declined from 24.8 billion yen compared to the same time last year to 17.8 billion yen, mainly due to declining pre-tax earnings. Net source of revenue attributable to Mitsubishi Electric Corporation shareholders relative to revenue 2.1%.
Forecast for fiscal year 2021
Consolidated earnings forecasts for fiscal year 2021, which end march 31, 2021, have not changed from the previous forecast, as shown below.
The above forecast reflected the sadness of markets in various countries and regions and after the recovery process, and was based on the assumption that COVID-19 would have a significant effect on revenue and the operating source of revenue up to the time of the quarter. The assumption remains unchanged in the forecast.
The forecast would possibly be changed to reflect COVID-19’s global and local containment scenario.
Consolidated forecast for fiscal year 2021
Income
4 100,0
billion yen
(Decrease of 8% per fiscal year 2020)
Operating profit
120.0
billion yen
(54% of fiscal year 2020)
Benefits before the source of income taxes
145.0
billion yen
(49% less than fiscal year 2020)
Net source of revenue attributable to Mitsubishi Electric Corp shareholders.
100,0
billion yen
(55% since fiscal year 2020)
See the consolidated monetary effects for fiscal year 2020 dated May 11, 2020, and more data related to consolidated monetary effects for fiscal year 2020 on June 1, 2020.
Note:
The above effects are based on assumptions that the Company has lately deemed reasonable, and the actual effects may differ materially from the forecasts. See the warning in the full document.
About Mitsubishi Electric Corporation
With nearly one hundred years of delighting in offering reliable, high-quality products, Mitsubishi Electric Corporation (TOKYO: 6503) is an identified global leader in the manufacture, marketing and sale of electrical and electronic equipment used in data and communications processing. area of progression and satellite communications, customer electronics, commercial generation, energy, transport and equipment structure. Mitsubishi Electric enriches the company with generation in the spirit of its corporate statement, Changes to Improve, and its environmental statement, Ecological Changes. The company recorded revenues of 4,462.5 billion yen (US$40.9 billion) in the year ending March 31, 2020. For more information, visit www.MitsubishiElectric.com Amounts in U.S. dollars are exchanged from the yen at a rate of 109 us s 1, the approximate rate on the Tokyo foreign exchange market on March 31, 2020
Investor Relations Applications Investor Relations Group, Mitsubishi Electric Corporation Tel Corporate Finance Division: 81-3-3218-2391 [email protected]
Press Requests Sachiko Masuda Public Relations Division Mitsubishi Electric Corporation Tel: 81-3-3218-2848 [email protected] www.MitsubishiElectric.com/news/
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