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Mitsubishi Electric Q1 Profit Surges; Backs FY22 Earnings View; Lifts Revenue Forecast

Japanese electrical and electronic equipment maker Mitsubishi Electric Corp. (MIELF.PK,MIELY.PK) reported Thursday that its first-quarter net profit attributable to stockholders were 61.8 billion yen, a growth of 246 percent from the same period last year.

Profit before income taxes grew 230 percent to 89.5 billion yen, and operating profit went up 310 percent to 82.7 billion yen.

Revenue climbed 24 percent from last year to 1.07 trillion yen.

Looking ahead for fiscal 2022, the company continues to expect attributable net income of 210 billion yen, and operating profit of 260 billion yen. The outlook reflects an year-over-year growth of 9 percent in attributable net income, and 13 percent in operating profit.

Revenues are now expected to be 4.49 trillion yen, up from previously expected 4.47 trillion yen due to strong business performance in the first quarter.

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