Mitsubishi Electric Corporation announced its consolidated financial results for fiscal 2024 (April 1, 2023 – March 31, 2024).

Consolidated Financial Results:

  • Revenue: 5,257.9 billion yen (5% increase year-on-year)
  • Operating profit: 328.5 billion yen (25% increase year-on-year)
  • Profit before income taxes: 365.8 billion yen (25% increase year-on-year)
  • Net profit attributable to Mitsubishi Electric Corp. stockholders: 284.9 billion yen (33% increase year-on-year)

The economy in fiscal 2024 continued to see moderate recovery in Japan, however, recovery in consumer spending came to a standstill recently. In the U.S., the economy continued to see recovery primarily in consumer spending despite monetary tightening and other factors.

In China, the economy showed weakness in recovery due to sluggish export as well as slower domestic demand resulting from the real estate recession and other factors. In Europe, both the corporate and household sectors were stagnant due primarily to monetary tightening.

In this environment, the Mitsubishi Electric Group has been working harder than ever to maximize profitability by accelerating business transformation and its business portfolio strategy under its business area management structure, while continuously implementing initiatives to bolster its competitiveness and business structure.

Original – Mitsubishi Electric