Mitsubishi Electric’s net income declines 11% y/y to USD1.1 billion in April-December

Apart from its home appliance business, all other entities suffered decline in sales

Mitsubishi Electric reported 11% year-on-year (y/y) decline in net income to JPY135.3 billion (USD1.1 billion) for the first nine months of the financial year (FY) 2016/17ended 31 December 2016, as per a company press release. Mitsubishi Electric reported decline in net sales by 5% from the same period last year at JPY2.9 billion. The slowdown in sales from its energy and electric systems, industrial automation systems, information and communication systems and electronic devices are responsible for Mitsubishi Electric’s negative growth according to the company.