Panasonic and Mitsubishi Electric make lots of dosh

Mitsubishi Electric and Panasonic both piled on the profits in their latest financials.

In its newly released financial figures, Mitsubishi reported a net income of $31.9 billion (2,601.3 billion yen) between April and December last year, a 13 percent increase from the same period last year. Operating income stood at $2.36 billion (92.5 billion yen), a huge 254 percent increase from the same time in 2009.

It found success in its Energy and Electric Systems arm, racking up a total sales figure of $8.19 billion (668.5 billion yen), a one percent increase from the same period last year.

However, the company’s Information and Communication Systems section didn’t fare so well, bringing in a total sales figure of $285 million (23.3 billion yen), which was a nine percent decrease from last year.

The company said in a statement that the loss was as a result of  the telecommunications equipment business taking a nose dive due to lower demand for optical broadband access systems and other communications infrastructures. This was despite increased orders for home broadband equipment.

The sector also saw a decrease in sales mainly due to a decline in the system integration business.

However, it dusted itself off when it came to the electronic devices part of the business, reporting a 32 percent increase in total sales from last year. Figures for the end of December stood at $365 million (29.8 billion yen) while operating income was $55 million (4.5 billion yen), a $138 million (11.3 billion yen) improvement.

The company added that its semiconductor business saw increases in both orders and sales compared to the same period of the previous year, which it put down to increased orders for consumer- and industrial-use power modules as well as optical transmission devices.

Panasonic  was also on top form.  It reported a 24 percent growth between October and December last year, which it said was driven by strong sales of flat-panel TVs, auto components and solar panels.

This brought its earnings up from $490 million (39.98 billion yen)  in profit, up from $395 million (32.26 billion yen) the year before.

Quarterly sales for the Japanese electronics maker climbed 21 percent to $28 billion
(2.285 trillion yen).

Panasonic stuck to its forecast for net profit of $1 billion (85 billion yen) for the year through March 2011. This was a turnaround from the poor figures the year before. Sales also look to be on the rise with a sales forecast of ($109 billion) 8.9 trillion yen, which accounts for a rise of around 20 percent.