Mitsubishi lowered its second-half net income forecast by 17 percent

Article by Christian A., on November 1, 2010

Because of the strong yen, Mitsubishi Motors Corp. lowered its second-half net income forecast by 17%. Based on the company's first-half earnings statement, Bloomberg determined that Mitsubishi expects a net income of 19.9 billion yen ($245 million) in the six months ending March 31, compared with an earlier forecast of 24 billion yen.

Last week, Mitsubishi said that its first-half loss fell to 4.9 billion yen from 36.4 billion yen a year earlier after sales rose. For this period, it had forecast a 9 billion yen loss.

Mitsubishi Motors was able to maintain its full-year profit forecast of 15 billion yen as a stronger Japanese currency could reduce full-year operating profit by 35 billion yen.

The Japanese manufacturer revised its full-year currency outlook to 85 yen to the dollar from 90 yen, and 113 yen to the euro from 120 yen.

For the second half of the fiscal year that started Oct. 1, Mitsubishi based its forecast on an exchange rate of 82 yen to the dollar.

In a separate matter, there were reports that Hino Motors Ltd., the biggest maker of heavy-duty trucks in Japan, had reduced its full-year net income forecast by 27% to 8 billion yen. [via autonews - sub. required]

Topics: mitsubishi, profit

If you liked the article, share on:

Comments

Recommended

Is there anything more exciting than a spoiler? Well, for those who didn't know, there are those who have already seen the Mercedes-AMG Project One (in the flesh) way before...
by - April 25, 2017
Does the Honda Passport ring a bell to you? This was the first ever SUV that was sold by the Japanese automaker, but it was not that successful compared with...
by - April 25, 2017
Wagon buyers who prefer their vehicle to be luxurious, you will have an entirely brand new selection at the latter part of this year. Porsche will start rolling out 4...
by - April 25, 2017
McLaren rejects the idea of creating anything other than a sports car. That means that vehicles that would be ideal for families such as an SUV or a crossover are...
by - April 25, 2017
The new and improved Opel Grandland X is out, and this large SUV is something the European market did not know they would need. Now measuring at 14.7 feet (4.48...
by - April 25, 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