TOKYO , Feb. 3 -- ( Kyodo ) _ Mitsubishi Electric Corp. on Monday raised its group net profit outlook for the business year ending March to 140 billion yen from a previously forecast 120 billion yen , citing a weak yen which boosts overseas profits. The electrical machinery manufacturer said robust earnings at its affiliate engaged in the elevator business in China are also contributing to the increased profit estimate, which is double that of the previous year. It left unchanged its group operating profit projection at 220 billion yen , up 44.6 percent from the previous year, on sales of 3.95 trillion yen , up 10.7 percent. For the nine-month period through December, the company said its group net profit almost doubled from a year earlier to 94.89 billion yen and operating profit grew 26.4 percent to 143.16 billion yen , as its consolidated sales rose 8.8 percent to 2.73 trillion yen . The company attributed the favorable earnings to improved performance of its mainstay factory automation system business, aided by increased investments by smartphone manufacturers. Sales also rose in its automotive equipment business due to a brisk U.S. auto market, the company said. Sales and profits of its home appliance segment expanded sharply due to solid sales of air conditioners in Japan , the rest of Asia , Europe and North America in addition to the effects of the yen's depreciation, it said.
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