Mitsubishi Electric plans earnings revision this month

Mitsubishi Electric said Tuesday it expects to announce this month a revision to its earnings forecast for the current year.

"We are going to do a revision for our earnings forecast some time in September," said Matthew Nicholson, a company spokesman. Asked to comment on a report in the Tuesday morning edition of the Nihon Keizai Shimbun, which said Mitsubishi Electric will cut its group operating income outlook from 150 billion yen to 40 billion yen (US$1.2 billion to $331 million), he said the article was "speculative."

Since late July, each of Japan's five major semiconductor makers, with the exception of Mitsubishi Electric, has revised its earnings forecast or announced restructuring efforts to deal with the turmoil in the world IT market.

NEC and Fujitsu began the round by announcing earnings revisions in late July and followed with restructuring steps shortly afterward. Toshiba followed with the announcement of an earnings revision and plans to cut 18,800 jobs in mid-August, and by the end of the month Hitachi Ltd. had made a similar move, announcing 14,700 job cuts across the company.

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