Mitsubishi Motor’s first fiscal half operating profit plunged 82% year on year to JPY10.2bn after sales rose in Japan and ASEAN markets but were down in China and North America and flat in Europe.
Sales fell 4% to JPY1,128bn, operating margin was 0.9% compared with 4.9% a year ago and net income fell 95% to JPY2.6bn.
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Unit sales worldwide were essentially flat – 592,000 vehicles versus 594,000 in fiscal H1 2018.
Volume moved up or down by market in single digit percentages with Japan and Latin America/Middle East seeing small rises and other markets dipping 1% to 8%.
The automaker forecast full year operating profit would fall 73% to JPY30bn on sales down 3% to JPY2,450bn. Net income is predicted to be down 96% at JPY5bn.
Mitsubishi previously anticipated full year net income of JPY65bn on sales of JPY2,580bn.
Unit sales, however, are now seen rising 2% to 1,274,000 from 1,244,000 in full year 2018.
