Mitsubishi Electric's Net Profit Estimated to Dive Over 50 Pct

Economy

Tokyo, May 12 (Jiji Press)--Mitsubishi Electric Corp. <6503> has said its consolidated net profit for the fiscal year to March 2021 is expected to plunge 54.9 pct from the year before to 100 billion yen.

Group sales are seen falling 8.1 pct to 4.1 trillion yen and operating profit is projected to drop 53.8 pct to 120 billion yen, the Japanese electronics maker said Monday.

Mitsubishi Electric's earnings are expected to deteriorate sharply due to the spread of the new coronavirus.

The company sees the coronavirus crisis pushing down its sales by 440 billion yen and its operating profit by 135 billion yen.

Stagnant orders for automobile equipment, reflecting the suspension of automobile production around the world, and sluggish sales of air conditioners in the United States and Europe are likely to weigh down on the company's business results.

[Copyright The Jiji Press, Ltd.]

Jiji Press