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Mitsubishi Electric Announces Consolidated Financial Results for Fiscal 2018Mitsubishi Electric Corporation (TOKYO:6503) announced today its consolidated financial results for fiscal 2018 (April 1, 2017- March 31, 2018).
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During the fiscal year ended March 31, 2018, the global economy saw a stable status in China, a buoyant expansion in the U.S. and gradual trends of recovery in Japan and Europe. In addition, the yen, compared to the previous fiscal year, weakened against the U.S. dollar and the euro in and after May, but became stronger against the U.S. dollar after the latter half of November. Under these circumstances, the Mitsubishi Electric Group has been working even harder than before to promote growth strategies rooted in its advantages, while continuously implementing initiatives to strengthen its competitiveness and business structure. As a result, the Mitsubishi Electric Group has recorded a net sales of 4,431.1 billion yen for fiscal 2018, an increase of 5% compared to the previous fiscal year, with increased sales in the Energy and Electric Systems, Industrial Automation Systems, Electronic Devices and Home Appliances segments. Consolidated operating income increased by 18% compared to the previous fiscal year to 318.6 billion yen, due to increased profits in the Energy and Electric Systems, Industrial Automation Systems and Electronic Devices segments. Income before income taxes increased by 23% compared to the previous fiscal year to 364.5 billion yen, due to gain recorded from sales of investment securities in Renesas Electronics Corporation and other factors, in addition to an increase in operating income. Net income attributable to Mitsubishi Electric Corporation increased by 29% compared to the previous fiscal year to 271.8 billion yen.
Current Forecast for Fiscal 2019 Under these circumstances, the Mitsubishi Electric Group aims to achieve its management targets by uplifting its business performance and financial standings through initiatives such as promoting more strongly its global operations centered around its growth-driving businesses, continuously increasing and strengthening profitability in each business and continuously implementing various Group-wide business improvement measures. The current financial performance forecast for fiscal 2019 follows below.
The forecast above has been prepared in accordance with the International Financial Reporting Standards (IFRS), with year-on-year changes from fiscal 2018 also described in unaudited IFRS basis. Exchange rates for this forecast is 100 yen to the US dollar and 125 yen to the euro.
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