View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
July 25, 2017updated 09 Apr 2021 12:40pm

Mitsubishi says ‘V-shaped recovery’ on track in Q1

Mitsubishi Motors Corporation (MMC) booked operating profit of JPY20.6bn on sales up 2.8% year on year to JPY440.9bn yen in the first quarter of fiscal 2017/18, achieving an operating margin of 4.7%. Net income rose to JPY23bn versus a loss of JPY129.7bn in Q1 2016/17.

Mitsubishi Motors Corporation (MMC) booked operating profit of JPY20.6bn on sales up 2.8% year on year to JPY440.9bn yen in the first quarter of fiscal 2017/18, achieving an operating margin of 4.7%. Net income rose to JPY23bn versus a loss of JPY129.7bn in Q1 2016/17.

Global units sales rose 9% to 241,000 cars after the resumption of kei car [minivehicle] sales in Japan which had been suspended in the first quarter of fiscal 2016/17 after the fuel economy misstatement scandal. The boost also reflected strong growth in China following the launch of locally produced Outlander SUVs. Sales also increased in the ASEAN region, led by demand for SUVs and pick-up trucks.   CEO Osamu Masuko said: “Fiscal year 2017 is off to a solid start. We are seeing the benefits of increased operational rigour and efficiency, along with encouraging sales in key markets.   “Our V-shaped recovery is continuing, paving the way for sustainable growth. Synergies from the [majority shareholder] Nissan Alliance are also on track, making a further contribution to the company’s overall performance.”

MMC reaffirmed full year guidance for fiscal 2017, as submitted to the Tokyo Stock Exchange this May.

Topics in this article: , ,
NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. The top stories of the day delivered to you every weekday. A weekly roundup of the latest news and analysis, sent every Monday. The industry's most comprehensive news and information delivered every quarter.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Just Auto