OREANDA-NEWS. Mitsubishi Electric Corporation announced its consolidated financial results for the first quarter ending June 30, 2013, of the current fiscal year ending March 31, 2014 (fiscal 2014).

Net sales: 834.8 billion yen (7% increase from the same quarter last year)
Operating income: 34.1 billion yen (27% decrease from the same quarter last year)
Income before income taxes: 42.6 billion yen (11% decrease from the same quarter last year)

Net income attributable to Mitsubishi Electric Corp.: 25.4 billion yen (16% decrease from the same quarter last year) In the first quarter of the fiscal year 2014, the business environment made slow recovery owning to steady economic trends both in Japan and in the U.S., as well as the weaker yen, despite the economic downturn in Europe, and slower rates of economic growth in the Chinese market. Under these circumstances, in the first quarter consolidated net sales increased by 7% compared to the same period of the previous fiscal year to 834.8 billion yen, due to such factors as increased sales in all segments.

Consolidated operating income decreased by 27% compared to the same period of the previous fiscal year to 34.1 billion yen, due to lower profits in the Energy and Electric Systems, Industrial Automation Systems, and Information and Communication Systems segments.