Mitsubishi hikes net income by 8% in quarter ended September

Article by Christian A., on October 31, 2014

Mitsubishi Motors Corp. saw an 8-percent surge in its net income in the fiscal second quarter ended Sept. 30, 2014, to JPY32.7 billion ($298.9 million), as boosted by good results in North America. The Japanese carmaker saw its revenues lie flat in the quarter at $4.76 billion. According to Mitsubishi, it posted a drop in pretax operating profits in Japan, where sales declined due to an increase in taxes.

The carmaker added its pretax operating profits jumped in Europe. Mitsubishi Motors also saw its operations in North America log a turnaround from $8.2 million in operating losses in the same quarter a year ago to $6.4 million in operating profit, with revenues leaping 9 percent to $632.4 million.

Sales in the United States for Mitsubishi Motors jumped 29 percent in the same period. Mitsubishi Motors also managed to more than double its operating profits in Europe $46.6 million to $100.5 million, with revenues jumping 18 percent to $1.19 billion.

The carmaker, however, logged a 28-percent drop in operating profits in Asia except Japan to $112.4 million, with revenues surging just a percent to $941.2 million.

On the other hand, Mitsubishi Motors Corp. posted an 11-percent year-on-year surge in consolidated net sales to JPY1.035 trillion in the first half of the 2014 fiscal year (April 1 to September 30, 2014). The increase amounts to JPY106.1 billion.

For the first half of the 2014 fiscal year, Mitsubishi Motors managed to log a 23 percent year-on-year increase in operating income to JPY62.7 billion. The Japanese carmaker attributed the surge in operating income to improvements in the model mix, favorable foreign exchange rates and cost reduction efforts.

Thanks to factors such as foreign exchange gains and equity in earnings of affiliates, Mitsubishi Motors posted JPY73.6 billion in ordinary income in the first half of the 2014 fiscal year, representing an increase of 21 percent (or JPY12.6 billion) over the same period in the 2013 fiscal year. Mitsubishi Motors also posted a significant 30 percent hike in net income during the term to JPY60.9 billion. The surge in net income in the period amounts to JPY14.2 billion.

In the first half of the 2014 fiscal year, Mitsubishi Motors Corp. logged a surge of 4 percent (plus 22,000 units) in global retail sales volume to 521,000 units. Of this amount 57,000 were from Japan (plus 14 percent); 57,000 were from North America (plus 27 percent); 104,000 units were from Europe (plus 15 percent); 167,000 units were from Asia (plus 2 percent); and 136,000 units came from other markets such as Australia, New Zealand, Middle East, Africa, and Latin America.

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