TOKYO (dpa-AFX) - Mitsubishi Electric Corp. (MIELF.PK, MIELY.PK), a Japanese electrical and electronic equipment maker, reported second quarter net profit attributable to stockholders of 69.5 billion yen up from 62.3 billion yen in the previous year.
Operating profit was 118.0 billion yen up from 74.8 billion yen in the prior year.
Revenue for the second quarter increased to 1.36 trillion yen from 1.32 trillion yen in the prior year.
The company still expects operating profit to be 400.0 billion yen, and revenue of 5.39 trillion yen.
Mitsubishi Electric will pay an interim dividend of 20 yen per share for the first half of fiscal 2025, as of the record date of September 30, 2024.
In a separate press release, Mitsubishi Electric Mobility and Aisin Corp. said that the two companies have reached a business partnership agreement for developing products for next-generation xEVs.
As per the Agreement, the project to be undertaken by Mitsubishi Electric Mobility and AISIN will involve electric drive modules for xEVs , which AISIN has been developing. Following the conclusion of the Agreement, the two companies are scheduled to commence development promptly. The companies will develop competitive products for launch in the second half of the 2020s.
Additionally, discussions will continue regarding the scope and timing of establishing the JV as a framework for future collaboration.
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