Japan’s Mitsubishi Electric Corp. (MIELF.PK, MIELY.PK) reported Wednesday that its fiscal 2021 net profit attributable to Mitsubishi declined 13 percent from last year to 193.1 billion yen.
Profit before income taxes fell 8 percent to 258.7 billion yen, and operating profit declined 11 percent to 230.1 billion yen.
Revenue for the year decreased 6 percent from last year to 4.19 trillion yen, with drop in all segments due to the serious impact of COVID-19 primarily in the first half.
However, operating profit and revenue increased in the second half of fiscal 2021.
Looking ahead for fiscal 2022, the company expects attributable net income of 210 billion yen, operating profit of 260 billion yen and revenues of 4.47 trillion yen.
The outlook reflects an year-over-year growth of 9 percent in attributable net income, 13 percent in operating profit and 7 percent in revenues.
Separately, Mitsubishi Electric announced the candidates for Directors elected at the meeting of the Nomination Committee held on April 28.
The final election of Directors is planned at the Ordinary General Meeting of Shareholders scheduled for June 29.
In Japan, Mitsubishi Electric shares were trading at 1,662.50 yen, up 3.2 percent.