JAPAN: Mitsubishi books nine-month operating profit
Mitsubishi Motors has announced an operating profit of JPY13bn for the first nine months of fiscal 2010/11, an improvement of JPY32.8bn year on year and kept its full-year forecast unchanged at JPY45bn, confirming media reports on Tuesday.
Net sales rose 38% to JPY1,310.9bn as higher unit sales due to market recovery market and new models offset the negative impact of yen appreciation.
"The increase in sales volume together with factors such as reductions in material and other costs more than countered the negative impact of the higher yen," MMC said in a statement.
Ordinary profit of JPY11.4bn was up JPY32.6bn and the a net loss of JPY2.2bn was nonetheless a JPY23.5bn improvement year on year.
2. Sales volume
Global retail sales volume for the first three quarters of fiscal 2010 totaled 807,000 vehicles, an increase of 17 percent or 118,000 units over the same period last year. Sales volumes by region were as follows:
In Japan, Mitsubishi Motors posted total sales volume of 119,000 vehicles, an increase of 5 percent or 5,000 units over the same period last year. This increase came despite a decline in year-on-year third quarter sales volume as market demand fell due to the ending of eco-car incentives at the end of September.
In North America, the launch of the new Outlander Sport* in October helped Mitsubishi Motors to post a year-on-year sales volume increase in the United States, but the volume for the region as a whole remained at 66,000 vehicles, on a level with the same period last year.
In Europe, Mitsubishi Motors posted a sales volume of 158,000 vehicles, an increase of 20 percent or 27,000 units over the same period last year. Factors contributing to this increase include continuing strong sales of the ASX* introduced sequentially into markets from June and a rise in sales in Russia where the company has started local production of the Outlander.
In Asia & Other Regions, Mitsubishi Motors posted a sales volume of 464,000 vehicles, an increase of 23 percent or 86,000 units over the same period last year. The increase has been driven by China, where total demand continues to grow, by higher sales in major ASEAN bloc countries including Thailand, Indonesia, Malaysia, and the Philippines and by growing sales in Brazil, the largest market in Latin America.
* RVR in Japan
3. Fiscal 2010 full-year forecasts
After a careful review in the light of the results for the first three quarters and recent market trends, notwithstanding increases and decreases in some regions Mitsubishi Motors has decided to keep its overall 2010 full-year sales volume plan of 1,124,000 units published on October 28, 2010 unchanged. The company has also decided to leave its full-year forecasts (net sales of 1.9 trillion yen, operating profit of 45bn yen, ordinary profit of 30bn yen and net profit of 15bn yen) published at the beginning of fiscal 2010 unchanged.