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

You probably heard about Ford’s CEO Mark Fields’ departure from the company. Fields has spent almost three years with the company, and now, he is going to be replaced by...
by - May 28, 2017
A racing team is claiming that it has managed to break the lap record in its category in the ever-demanding Nurburgring circuit in 2016 while driving a road-going Volvo S60...
by - May 27, 2017
Aside from the officially confirmed BMW 8 Series, the next generation BMW M5 (F90) is getting a lot of attention from the fans, enthusiasts and even potential customers around the...
by - May 27, 2017
Automobili Lamborghini’s preparations for the production of its first ever sports utility vehicle, the new Lamborghini Urus, has reached new grounds as the Italian carmaker is disclosing plans to construct...
by - May 26, 2017
The upscale version of the GMC Yukon body-on-frame sport utility vehicle – the GMC Yukon Denali – has been refreshed for the 2018 model year. It now sports a new...
by - May 26, 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