Tokyo, April 26, 2024–(BUSINESS WIRE)–Mitsubishi Electric Corporation (Tokyo: 6503) today announced its consolidated financial results for fiscal year 2024 (April 1, 2023 to March 31, 2024).
The full text of Mitsubishi Electric's financial statements can be viewed from the link below.
www.MitsubishiElectric.com/news
Consolidated financial summary
|
Revenue: |
5,257.9 |
Billion yen |
(5% increase compared to previous year) |
|||
|
Operating income: |
328.5 |
Billion yen |
(25% increase compared to the previous year) |
|||
|
Pre-tax profit: |
365.8 |
Billion yen |
(25% increase compared to the previous year) |
|||
|
Attributable net income Mitsubishi Electric Corporation shareholders: |
284.9 |
Billion yen |
(33% increase compared to previous year) |
Japan's economy continued to recover moderately in fiscal 2024, but the recovery in personal consumption has recently stalled. In the United States, the economy continued to recover, centered on personal consumption, despite the effects of monetary tightening. In China, the momentum of economic recovery weakened due to sluggish exports and sluggish domestic demand due to factors such as the real estate recession. In Europe, both the corporate and household sectors stagnated, mainly due to monetary tightening.
In this environment, our group will accelerate business transformation and business portfolio strategies under our business area management structure, strive more than ever to maximize profits, and strengthen our competitiveness and business structure. We will continue to promote these initiatives.
Outlook for fiscal 2025
Although spending is expected to continue to increase in the global economy in fiscal 2025, growth is expected to remain moderate due to continued monetary tightening in countries and regions, particularly in Europe and the United States, and the real estate recession in China. Additionally, geopolitical risks are increasing, such as the protracted conflict in Ukraine and the conflict between the United States and China, and there are concerns that the business environment may change beyond expectations.
Under these circumstances, our group will conduct business management that emphasizes asset efficiency and cash generation ability through business operations that utilize ROIC. As a result, our group will be able to swiftly strengthen its production system and proactively invest in key growth businesses such as M&A, as well as consider exiting and selling businesses, and strengthen resource shifts based on our business portfolio strategy. We will continue to promote this. A problem in which improvements in profitability and asset efficiency cannot be expected. Furthermore, we will promote optimization of the global engineering supply chain and efficiency of group management. In addition, we will respond flexibly to changes in the business environment based on recent economic trends.
The current business forecast for fiscal 2025 is as follows.
Full-year consolidated forecast for FY2025
|
Revenue: |
5,300.0 |
Billion yen |
(1% increase compared to the previous year) |
|||
|
Operating income: |
400.0 |
Billion yen |
(22% increase compared to the previous year) |
|||
|
Pre-tax profit: |
430.0 |
Billion yen |
(18% increase compared to the previous year) |
|||
|
Attributable net income |
315.0 |
Billion yen |
(11% increase compared to the previous year) |
The exchange rates in this forecast are 140 yen to the dollar, 150 yen to the euro, and 19.5 yen to the Chinese yuan.
|
Note: |
The above forecasts are based on assumptions that the Company considers to be reasonable at this time, and actual results may differ significantly from the forecasts. See notes throughout the document. |
View source version on businesswire.com. https://www.businesswire.com/news/home/20240425438263/ja/
contact address
Inquiries regarding investor information
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Mitsubishi Electric Corporation
Cad.Irg@rk.MitsubishiElectric.co.jp
Media inquiries
Madoka Iwanaga
Public Relations Division
Mitsubishi Electric Corporation
Phone number: 03-3218-2332
prd.gnews@nk.MitsubishiElectric.co.jp
www.MitsubishiElectric.com/news/
