Mitsubishi logs $396.3 million net profit in fiscal third quarter

Article by Anita Panait, on February 6, 2014

Mitsubishi Motors Corp. posted JPY41.7 billion ($396.3 million) in net profit in its fiscal third quarter ended Dec. 31, 2013, compared to JPY12.8 billion ($121.6 million) in losses a year earlier. The carmaker also posted a fourfold surge in operating profit in the quarter to JPY45.5 billion ($432.4 million) from JPY10.1 billion ($96.0 million) in the same period in 2012.

Mitsubishi also logged a 38-percent jump in global revenue to JPY589.7 billion ($5.70 billion) and a 13-percent rise in global unit sales to 277,000 vehicles in the three-month period. The turnaround was attributed to favorable currency rates and a restructuring program implemented by President Osamu Masuko.

Under a new three-year business plan Masuko unveiled in November 2013, Mitsubishi will refocus its lineup on utility vehicles and electrified drivetrains as well as intensify efforts on emerging markets with a goal of increasing its global sales by 34 percent to 1.43 million units.

The turnaround was also attributed to the continued depreciation of the yen against foreign currencies, including the US dollar and Thai baht. A weaker yen boosts the yen value of overseas earnings when sent back to Japan as well as render Japanese exports more competitive globally.

Mitsubishi logged a foreign exchange gain of JPY55.0 billion ($522.7 million) for the first nine months of its fiscal year. The carmaker’s global unit sales in its the first fiscal nine months surged 7 percent to 776,000 vehicles, with North America logging the fastest gains at 12 percent to 70,000 in the April-December period.

Topics: mitsubishi, profit

If you liked the article, share on:

Comments

Recommended

Mazda seems too far ahead in Safety technology for having four of its vehicles chosen as the safest on the road. Very recently, the Insurance Institute for Highway Safety has...
by - June 22, 2017
The automotive world is intensely competitive given the growing number of players, but the British car manufacturer is adamantly holding on to its spot. The 2018 Jaguar XF Sportbrake, priced...
by - June 22, 2017
Audi’s all-electric supercar, the R8 e-tron, had been discontinued last October after being in the market for under two years. The electric vehicle was then exclusive to the European market...
by - June 22, 2017
Dodge has made it clear to everyone, including its potential buyers, that the Challenger SRT Demon is a street-legal drag car - that it is unlike any of your ordinary...
by - June 22, 2017
After a number of failed attempts, Tesla finally gets an Arizona dealership license by winning a court battle that allows them to sell directly to consumers. The automotive dealer license...
by - June 22, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries