Japanese electronics giant Mitsubishi Electric Corp has reported a net loss of $368.4m for the year through March 31 down from a loss of $876m on revenue that dipped 0.2% to $31.2bn. For the current 12 months, Mitsubishi forecasts a net profit of $41.3m on flat sales of $31.4bn. While sales of home electronic products are expected to fall by 1%, Mitsubishi is looking for a 7% increase in revenue from information and communications equipment and electronic devices.
Ichiro Taniguchi, president and CEO, said the company has restructured its semiconductor operations in Europe and the US. In Japan, it has completed a ‘virtual company’ internal structure to cut costs and promote competition between internal divisions.
