Mitsubishi Electric lowers profit forecast
Japan's Mitsubishi Electric Mitsubishi Electric Corporation (三菱電機株式会社 on Thursday lowered its net profit forecast for the current financial year as the worsening wors·en
tr. & intr.v. wors·ened, wors·en·ing, wors·ens
To make or become worse.
Noun 1. worsening - process of changing to an inferior state
decline in quality, deterioration, declension global economy erodes demand for its products.
The company, which makes mobile telephones, liquid crystal displays liquid crystal display (LCD)
Optoelectronic device used in displays for watches, calculators, notebook computers, and other electronic devices. Current passed through specific portions of the liquid crystal solution causes the crystals to align, blocking the passage of light. and industrial machinery, expects a 24 percent drop in net profit to 120 billion yen (1.22 billion dollars) for the year through March 2009.
It had previously predicted a profit of 158 billion yen.
The company said the global economic slowdown was expected to become more severe, affecting its major businesses.
In the quarter to September, net profit slumped 46.2 percent to 24.2 billion yen as its affiliates performed badly. Operating profit Operating profit (or loss)
Revenue from a firm's regular activities less costs and expenses and before income deductions.
See operating income. rose four percent to 65.9 billion yen, on almost steady revenue of 1.02 trillion yen.