Mitsubishi Electric Corp. said Tuesday its group net profit for the 2002 business year, which ended Monday, was wiped out by the plummeting prices of bank shares.
The firm said it now expects to post a group net loss of 14 billion yen.
This marks a sharp downturn from the group net profit of 25 billion yen it forecast in February, with the firm having taken a one-time charge of 50 billion yen to reflect the falling prices of its shareholdings.