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July 27, 2021

Mitsubishi posts Q1 profits after previous year’s Covid hit

Mitsubishi Motors reversed Covid-hit losses in the first quarter of its new fiscal year.

By Graeme Roberts

Compared with the JPY53.3bn operating loss in the Covid-rabaged first fiscal quarter of 2020/21, Mitsubishi Motors Corporation (MMC) booked a JPY10.6bn operating profit for the quarter ended 30 June 2021 with a 2.5% operating margin.

Sales rose from JPY225.9bn to JPY431.9bn while net profit of JPY6.1bn was a reversal of the JPY176.2bn loss in fiscal Q1 2020/21.

Unit sales rose from 139,000 to 230,000 vehicles.

For the full year to 31 March 2022, MMC forecast sales of JPY2,080bn, up from JPY1,455.5bn in fiscal 20/21, operating profit of JPY40bn (-JPY95.3bn), net income of JPY15bn (-JPY312.3bn) and unit sales of 967,000 versus 801,000.

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