Mitsubishi Electric Corporation announced its financial results for the first half and second quarter, ended September 30, 2014, of the current fiscal year ending March 31, 2015 (fiscal 2015).
Consolidated net sales in the first half of fiscal 2015 increased by 9% compared to the same period of the previous fiscal year to 1,972.8 billion yen, due to increased sales in all segments. Consolidated operating income increased by 52% compared to the same period of the previous fiscal year to 121.3 billion yen, due to increased profits in industrial automation systems, information and communication systems and home appliances segments.
The home appliances business saw an increase in sales of 4% compared to the same period of the previous fiscal year, due primarily to increased sales in air conditioners in Asian, North American and European markets and in package air conditioners in Japan, as well as the weaker yen, despite impact from the backlash due to the last-minute surge in demand experienced before the rise in consumption tax. Operating income increased by 12.0 billion yen compared to the same period of the previous fiscal year largely due to an increase in sales.
The business environment in the first half of fiscal year 2015 in Japan experienced an upward trend in the commercial sector despite a backlash due to the last-minute surge in demand experienced before the rise in consumption tax. Meanwhile, economies outside Japan as a whole saw ongoing gradual expansion, owing to buoyant economic expansion in the U.S. and other factors, despite a stagnation in Europe and certain emerging markets. In the foreign currency exchange market, the yen became weaker against the U.S. dollar towards the end of the second quarter of fiscal 2015.
