Mitsubishi logs 56% increase in first half net income to JPY46.73 billion

Article by Anita Panait, on November 1, 2013

Mitsubishi Motors Corp. logged a 56-percent surge in net income in its fiscal first half ended Sept. 30, 2013 to JPY46.73 billion ($475.8 million), with revenue soaring 8 percent to $9.46 billion. The carmaker sold 4 percent more vehicles in the fiscal half to 499,000 units, experiencing the fastest growth in emerging markets and Japan, partly thanks to brisk minicar sales in its home market.

Although the carmaker didn't publish numbers for its fiscal second quarter, subtracting its first quarter figures from its first half results would show that the Mitsubishi's second-quarter net income nearly tripled to $308.4 million from $102.9 million a year earlier. The carmaker also posted an 18-percent surge in second-quarter revenue to $5.29 billion.

Mitsubishi is experiencing a rebound in its finances mainly thanks to favorable currency rates and a restructuring plan being implemented by President Osamu Masuko.

The Japanese carmaker posted a record net income in the last fiscal year and is on track to log a near-record operating profit this fiscal year. Masuko is expected to announce a new midterm, or five-year, business plan as soon as November.

Mitsubishi is expecting to log an 84-percent hike in net income in the fiscal year ending March 31, 2014 to $712.7 million, surpassing its record of $386.9 million set in the previous fiscal year.

The carmaker is also expecting to post a 13-percent increase in global sales to 1.1 million vehicles, with revenues surging 17 percent to $21.69 billion. [source: Mitsubishi]

Topics: mitsubishi, income

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