MEL.L Regulatory News (MEL)

30 Apr 2008 07:16

Mitsubishi Electric Corporation30 April 2008 MITSUBISHI ELECTRIC CORPORATIONPUBLIC RELATIONS DIVISION7-3, Marunouchi 2-chome, Chiyoda-ku, Tokyo, 100-8310 Japan FOR IMMEDIATE RELEASE No. 2434Investor Relations Inquiries; Media Contact:Investor Relations Group Yurika FujimotoCorporate Finance Division Public Relations DivisionMitsubishi Electric Corporation Mitsubishi Electric CorporationTel: +81-3-3218-2391 Tel: +81-3-3218-3380Cad.Irg@rk.MitsubishiElectric.co.jp prd.gnews@nk.MitsubishiElectric.co.jp http://global.mitsubishielectric.com/news/ MITSUBISHI ELECTRIC ANNOUNCES CONSOLIDATED AND NON-CONSOLIDATED FINANCIAL RESULTS FOR FISCAL 2008 Tokyo, April 30,2008 - Mitsubishi Electric Corporation (President and CEO: Setsuhiro Shimomura) announced today its consolidated and non-consolidated financial results for fiscal 2008 (April 1, 2007-March 31, 2008). Consolidated Financial ResultsNet sales: 4,049.8 billion yen (5% increase from the previous fiscal year)Operating income: 267.2 billion yen (15% increase from the previous fiscal year)Income before income taxes: 226.6 billion yen (23% increase from the previous fiscal year)Net income: 157.9 billion yen (28% increase from the previous fiscal year) Non-consolidated Financial ResultsNet sales: 2,490.6 billion yen (5% increase from the previous fiscal year)Operating income: 144.6 billion yen (14% increase from the previous fiscal year)Ordinary profit: 134.3 billion yen (2% increase from the previous fiscal year)Net income: 77.3 billion yen (86% increase from the previous fiscal year) The business environment in fiscal year 2008 saw a continued general underlying strength in the global economy such as in China and Europe, despite, in the latter half of the fiscal year, a stronger sense of stagnation in the United States, while the subprime loan issue lead to globally increased financial uncertainty. The Japanese economy also saw a general underlying strength mainly due to foreign demand, despite a slowed capital investment for construction arising from the revised building standards law. Meanwhile, the Mitsubishi Electric Group is involved in structural reforms to increase and strengthen profitability under its 'make strong businesses stronger' strategy, as seen in the termination of the mobile handset business and the strategic shift of its resources to other businesses the company plans to strengthen. Mitsubishi Electric also continues to strengthen production and sales systems both in domestic and overseas markets by establishing and reinforcing operating facilities, etc. In addition, Mitsubishi Electric is involved in company-wide improvement activities like reducing inventory and increasing productivity through Just In Time activities, etc., as well as continuing our cost reducing C-Sigma program. We are also strengthening our competitive edge through human resource investments and by optimizing our human resource structure, etc. Paste the following link into your web browser to download the PDF document related to this announcement: http://www.rns-pdf.londonstockexchange.com/rns/4066t_-2008-4-30.pdf This information is provided by RNS The company news service from the London Stock Exchange