Mitusbishi Motors Corporation (MMC) has revised its fiscal first half estimates upwards due largely to the appreciating yen.
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MMC said on Wednesday that, though it sees revenues down 2.9% to 1.214 trillion yen, net income is now forecast to rise to JPY12.5bn from zero in its previous estimate for the first half ended 30 September.
Operating income is expected to be 66.7% better than previously forecast at JPY25bn while ordinary income expectations are up 105% to JPY20.5bn.
“Revenue for the first half is expected to fall below the company’s original forecast due mainly to slow unit sales. However, operating, ordinary, and net income are expected to exceed the original forecast due factors such as favourable foreign exchange rates, specifically the yen being weaker than expected during the period,” MMC said in a statement.
It reports H1 results and full year estimates on 30 October.
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By GlobalData
