Demand for new Outlander PHEV helped return Mitsubishi Europe to operating profit

Demand for new Outlander PHEV helped return Mitsubishi Europe to operating profit

After three years of losses, Mitsubishi Motors Europe (MME) booked an operating income of JPY37.2bn (US$353.3m) for the fiscal year to 31 March, making Europe the second most profitable global region for MMC after Asia.

Parent Mitsubishi Motor Corporation (MMC) previously announced annual operating income rose JPY56bn to a record JPY123.4bn on global sales up 6% or 60,000 units to 1.047m.

MME said the return to profit was helped by the successful launch of the new Outlander PHEV for which it held 19,000 orders at the end of the fiscal year.

"Multiple positive factors" included the impact on sales of new or updated models, "bottoming out of the economic troubles in the euro zone", and a devalued yen.

Fiscal year unit sales rose 11% to 202,000 units from 181,000 units a year earlier for revenue of JPY 484.3bn.

For fiscal 2014, MME forecast sales of 225,000 units (up another 11% and operating income of JPY48bns.

MMC’s European business region includes 34 markets plus Russia, Ukraine and Kazakhstan.