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

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