This invention relates to an air conditioner having an air inlet at its upper portion. The heat exchanger (4) includes multiple plate fins (1) arranged in parallel so that air flows therebetween, and heat transfer tubes (2) perpendicularly inserted into the plate fins (1) and arranged perpendicularly to the air flow direction through which working fluid passes. The heat exchanger (4) includes a lower front heat exchanger (4a), an upper front heat exchanger (4b), and a rear heat exchanger (4c) separately produced and arranged to surround the circulating fan (5). The air pressure loss of the lower front heat exchanger (4a) is set to be smaller than the air pressure losses of the other heat exchangers.