Mitsubishi Electric shares jump on raised FY forecasts

03/26/07 - newratings.com

LONDON, March 26 (newratings.com) – Shares of Mitsubishi Electric Corp (MIE1) Monday rose over 2% after Japan's fifth-largest electronics manufacturer raised its full-year earnings projections.

The Tokyo-based company said in a statement that its net income is likely to rise to ¥122 billion in the current fiscal year ending March 31, as compared to its earlier projection of ¥120 billion. Mitsubishi Electric added that its results are being helped by companies such as Toyota Motor Co and Sharp Corp, which are expanding their capacities to meet global demand. The company said its sales are projected to grow 6% to ¥3.82 trillion, beating the earlier target of ¥3.70 trillion for the year.