Due to substantial cost cutting and strong sales, Mitsubishi Motors tripled group net profit for the year ended March 31 to 37.4 billion yen ($US319 million), up from 11.3 billion yen in the previous year, Dow Jones Newswires reported.
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The newswire said group sales increased 21% to 3.885 trillion from 3.201 trillion yen in the previous year as earnings for the 15 months ended March at its overseas affiliates were included and noted that Mitsubishi changed the fiscal year at consolidated affiliates overseas to April-to-March from the calendar year in order to synchronise reporting cycles with the parent firm. If the change in period at affiliates is discounted, sales grew 8%, the report said.
Operating profit more than doubled to 82.8 billion yen from 40.2 billion yen in the previous year as cost cuts increased operating profit by 88.4 billion yen, Dow Jones Newswires said, adding that the gains were partly offset by a rise in research and development costs.
Group pretax profit more than quadrupled to 54.3 billion yen from 11.9 billion yen as Mitsubishi boosted its global sales volume 18% to 1.96 million vehicles from 1.67 million in the previous year, the report said.
Mitsubishi expects global sales volume to fall 17% to 1.63 million vehicles this fiscal year, Dow Jones Newswires added.
