Mitsubishi Motors Corporation (MMC) has posted net profit up 27% for the nine months to December, helped by higher sales in Asia and the effects of cost cutting. 

MMC posted an ordinary income of JPY52.4bn, an increase of 81% or JPY23.5bn over the first three quarters of FY2011 and posted a net income for the term of JPY17.3bn, an increase of 27% or JPY3.7bn year on year.

Mitsubishi Motors (MMC) posted a consolidated net sales of JPY1,282.6bn (US$13.82bn) for the first three quarters of fiscal 2012 (1 April through 31 December 2012), a 1% or JPY10.5bn decrease over the same period last fiscal year. Although wholesale volume increased, the decrease was mainly due to the impact of the strong yen.

MMC posted an operating income of JPY40.9bn, an increase of 6% or JPY2.4bn over the same period last fiscal year.

It said the increase was due mainly to higher sales volume, improvements in the model mix and reductions in materials and other costs which together overcame such negative factors as the impact of the strong yen, increases in new model advertising and other selling costs as well as an increase in market measure costs resulting mainly from the minicar recall issued in December last year.

Global retail sales volume for the first nine months of fiscal 2012 totalled 724,000 units, a decrease of 4% or 31,000 units over the same period last fiscal year. Sales volumes by region were as follows:

  • In Japan, MMC posted a cumulative sales volume of 92,000 units, a year on year decrease of 11% or 11,000 units. 
  • In North America, MMC posted a cumulative sales volume of 62,000 units, a decrease of 24% or 20,000 units on the same period last year. 
  • In Europe, MMC posted a cumulative sales volume of 135,000 units, a decrease of 22% or 39,000 units over the same period last year. Brisk sales in the Russian market helped by the introduction of the new Outlander model in July were not sufficient to counter a significant decrease in year on year sales in western Europe where overall demand remained sluggish.
  • In Asia & Other Regions, MMC posted a cumulative sales volume of 435,000 units, an increase of 10% or 39,000 units over the same period last year.
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Mitsubishi Motors (MMC) posted a consolidated net sales of JPY1,282.6bn (US$13.82bn) for the first three quarters of fiscal 2012 (1 April through 31 December 2012), a 1% or JPY10.5bn decrease over the same period last fiscal year. Although wholesale volume increased, the decrease was mainly due to the impact of the strong yen.

MMC posted an operating income of JPY40.9bn, an increase of 6% or JPY2.4bn over the same period last fiscal year. The increase was due mainly to higher sales volume, improvements in the model mix and reductions in materials and other costs which together overcame such negative factors as the impact of the strong yen, increases in new model advertising and other selling costs as well as an increase in market measure costs resulting mainly from the minicar recall issued in December last year.

MMC posted an ordinary income of JPY52.4bn, an increase of 81% or JPY23.5bn over the first three quarters of FY2011 and posted a net income for the term of JPY17.3bn, an increase of 27% or JPY3.7bn year on year as a result of the company booking extraordinary losses including a loss on the sale of shares in its European production subsidiary.

Global retail sales volume for the first nine months of fiscal 2012 totalled 724,000 units, a decrease of 4% or 31,000 units over the same period last fiscal year. Sales volumes by region were as follows:

In Japan, MMC posted a cumulative sales volume of 92,000 units, a year on year decrease of 11% or 11,000 units. Despite the launch of the new Mirage in August and the new Outlander in October, the decrease in volume was mainly due to sluggish minicar sales.

In North America, MMC posted a cumulative sales volume of 62,000 units, a decrease of 24% or 20,000 units on the same period last year. Although United States sales of the Outlander Sport (RVR or ASX in other markets), which went into local production in July, increased over the same period last year, the decrease was due mainly to a drop in sales in the United States of the Eclipse, Eclipse Spyder, and the Endeavor following the termination of these US market models in August 2011.

In Europe, MMC posted a cumulative sales volume of 135,000 units, a decrease of 22% or 39,000 units over the same period last year. Brisk sales in the Russian market helped by the introduction of the new Outlander model in July were not sufficient to counter a significant decrease in year on year sales in western Europe where overall demand remained sluggish.

In Asia & Other Regions, MMC posted a cumulative sales volume of 435,000 units, an increase of 10% or 39,000 units over the same period last year. Although sales volume decreased in North Asia and other regions, the volume increase stemmed mainly from strong sales in ASEAN bloc countries led by Thailand where the Mirage has fuelled a major increase in sales since its March release.

Original source: MMC