Mitsubishi’s profit in first quarter of 2011 fell by 42%

Article by Christian Andrei, on April 26, 2011

For the quarter ended March 31, Mitsubishi Motors Corp. posted a 42% decrease in profit due to the effect of the strong Japanese yen and production delays related to the earthquake in Japan. Mitsubishi didn’t provide a forecast for sales or production this year due to “extreme difficulty” in doing so because of uncertainties surrounding its recovery.

In a research note, IHS Automotive Insight said that Mitsubishi has resumed partial production in Japan and anticipates that its production will be at 80% of normal volume until October, which is when full production is scheduled to start.

For the quarter, Mitsubishi posted a net profit of 17.8 billion Japanese yen ($216.4 million). In the quarter, its operating profit declined by 19% to 27.3 billion yen ($331.8 million).

For the fiscal year that ended on March 31, Mitsubishi sold 1.1 million vehicles, 15% higher compared to the previous year. Mitsubishi promised that it will give a forecast of the new fiscal year's financial and production outlook; however, it didn’t give a time frame.

The company said that it had an annual net income of 15.6 billion Japanese yen ($189.3 million) as the result of higher sales for new models and sales growth in emerging markets, specifically in China.

In addition, net sales increased by 26% to 1.8285 trillion yen ($22.24 billion). Approximately 57% of Mitsubishi's vehicle sales were in Asia, about 164,000 units of which were made in Japan. Throughout Asia, sales climbed by 18% but in Japan, sales declined by 7%.

Topics: mitsubishi, profit

If you liked the article, share on:

Comments

Login or Create new account to add a comment!

Recommended

In the minivan segment, the 2017 Chrysler Pacifica is already impressive in terms of fuel economy figures – as rated by the United States Environmental Protection Agency. In fact, the...
by - December 2, 2016
Having a blacked-out Bentley Mulsanne Speed is already menacing by itself but by naming it as the Bamford X, it became all the more imposing. This model was made by...
by - December 2, 2016
We have good news for those who are waiting for the latest version of the Mazda CX-5 compact crossover. It was just unveiled in November at the 2016 Los Angeles...
by - December 2, 2016
Those familiar with racing know that Marco Wittmann’s win during the 2016 Deutsche Tourenwagen Masters held last May was noteworthy as it was his second title in four seasons. In...
by - December 2, 2016
Volvo has revealed that while its products are used by a number of police organizations around the world, it will be the Swedish police that will get the first chance...
by - December 2, 2016
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