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Monday March 26, 10:43 AMMitsubishi Electric says to brief on earningsTOKYO, March 26 (Reuters) - Mitsubishi Electric Corp. , Japan's fifth-largest electronics conglomerate, said it would brief about a revision to its earnings forecast on Monday at 0400 GMT.Mitsubishi Electric Senior Vice President Yukihiro Sato will attend the press conference in Tokyo, a spokesman said. The company did not say whether the revision would be upwards or downwards. In February Mitsubishi Electric posted a 30 percent rise in quarterly operating profit on strong factory automation sales, but kept its full year forecast below market expectations due to the possible impact of a cartel fine. Sato said at the time that Mitsubishi could raise its annual operating profit forecast but was monitoring the impact of a 118.6 million euro ($157.3 million) European Commission fine for fixing prices for electric power system switch gear. The company's current forecast calls for group operating profit to rise 14 percent to 180 billion yen for the full year to March, well below the consensus of 212 billion yen according to 19 brokerages polled by Reuters Estimates. Mitsubishi Electric was one of several companies slapped with fines by the EU Commission. |
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