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April 27, 2010

JAPAN: Mitsubishi returns to net profit for 2009

Mitsubishi Motors has posted a net profit of YEN4.8bn (US$51.8m) for 2009, up some YEN59.7bn up compared to the same period last year .

Mitsubishi Motors has posted a net profit of YEN4.8bn (US$51.8m) for 2009, up some YEN59.7bn compared to the same period last year.

Global retail sales volume in fiscal year 2009 totalled 960,000 vehicles, a 10% decrease of 106,000 units on fiscal 2008.

In Japan, the automaker  sold 171,000 vehicles in the same period, a 1% increase of 3,000 units year-on-year, aided by eco-car tax reductions and subsidies.

In North America the company sold 88,000 vehicles, a 26% decrease of 31,000 compared to the last fiscal year. A year-on-year increase in sales in Canada failed to offset slower sales in the US and Mexico however.

In Europe Mitsubishi Motors sold 169,000 vehicles, a 38% decrease of 103,000 units as opposed to fiscal year 2008. The lag in recovery for the region as a whole was particularly marked in Russia and the Ukraine, notes the company.

For Asia and other regions, Mitsubishi sold 532,000 vehicles, a 5% increase of 25,000 units.

A 64% year-on-year increase in Chinese unit sales together with significant rises in sales volume in other markets including Taiwan, Thailand and the Philippines, offset the drop in sales volume in Latin American and Middle Eastern countries. The Japanese manufacturer is forecasting global sales volume of 1.12m vehicles for fiscal 2010, up 17% or 161,000 units, aided by the phased introduction of its new compact crossover and an expected market recovery. 

Mitsubishi also expects the business climate in fiscal 2010 to be marked by raw material price increases and by the yen continuing to trade highly against other currencies.

Net sales of YEN1.9tn are forecast for for fiscal year 2010, an increase of YEN454.4 billion yen on fiscal 2009.

Operating profit is expected to be YEN45bn, a year-on-increase of YEN31.1bn.

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