Mitsubishi Motors Corporation Announces Third Quarter Fiscal 2012 Operating
Results and Revises Full-Year Forecasts
Tokyo, Feb 5, 2013 - (JCN Newswire) - Mitsubishi Motors Corporation (MMC)
today announced its sales and financial results through the third quarter of
the 2012 fiscal year (FY) ending March 31, 2013 and its full-year forecast
MMC posted a consolidated net sales of 1,282.6 billion yen for the first three
quarters of fiscal 2012 (April 1 through December 31, 2012), a 1% or 10.5
billion yen decrease over the same period last fiscal year. Although wholesale
volume increased, the decrease was mainly due to the impact of the strong yen.
MMC posted an operating income of 40.9 billion yen, an increase of 6% or 2.4
billion yen over the same period last fiscal year. The increase was due mainly
to higher sales volume, improvements in the model mix and reductions in
materials and other costs which together overcame such negative factors as the
impact of the strong yen, increases in new model advertising and other selling
costs as well as an increase in market measure costs resulting mainly from the
minicar recall issued in December last year.
MMC posted an ordinary income of 52.4 billion yen, an increase of 81% or 23.5
billion yen over the first three quarters of FY2011 and posted a net income for
the term of 17.3 billion yen, an increase of 27% or 3.7 billion yen year on
year as a result of the company booking extraordinary losses including a loss
on the sale of shares in its European production subsidiary.
Global retail sales volume for the first nine months of fiscal 2012 totaled
724,000 units, a decrease of 4% or 31,000 units over the same period last
fiscal year. Sales volumes by region were as follows:
In Japan, MMC posted a cumulative sales volume of 92,000 units, a year-on-year
decrease of 11% or 11,000 units. Despite the launch of the new Mirage in August
and the new Outlander in October, the decrease in volume was mainly due to
sluggish minicar sales.
In North America, MMC posted a cumulative sales volume of 62,000 units, a
decrease of 24% or 20,000 units on the same period last year. Although United
States sales of the Outlander Sport (RVR or ASX in other markets), which went
into local production in July, increased over the same period last year, the
decrease was due mainly to a drop in sales in the United States of the Eclipse,
Eclipse Spyder, and the Endeavor following the termination of these U.S. market
models in August 2011.
In Europe, MMC posted a cumulative sales volume of 135,000 units, a decrease
of 22% or 39,000 units over the same period last year. Brisk sales in the
Russian market helped by the introduction of the new Outlander model in July
were not sufficient to counter a significant decrease in year-on-year sales in
western Europe where overall demand remained sluggish.
In Asia & Other Regions, MMC posted a cumulative sales volume of 435,000
units, an increase of 10% or 39,000 units over the same period last year.
Although sales volume decreased in North Asia and other regions, the volume
increase stemmed mainly from strong sales in ASEAN bloc countries led by
Thailand where the Mirage has fuelled a major increase in sales since its March
Revision to fiscal 2012 full-year forecasts
After examining the operating results for the first three quarters and recent
changes in regional business climate and market trends, Mitsubishi Motors has
decided to revise its fiscal 2012 full-year (April 1, 2012 through March 31,
2013) sales volume and consolidated earnings forecasts as follows:
- Sales volume: 1,010,000 units (34,000 units down from forecast published on
October 30, 2012)
- Net sales: 1,810.0 billion yen (20.0 billion yen down)
- Operating income: 64.0 billion yen (16.0 billion yen down)
- Ordinary income: 62.0 billion yen (no change)
- Net income: 13.0 billion yen (no change)
For full details, please visit:
Note on forward-looking statements:
All statements herein, other than historical facts, contain forward-looking
statements and are based on Mitsubishi Motors Corporation's current
forecasts, expectations, targets, plans, and evaluations. Any forecasted value
is calculated or obtained based on certain assumptions. Forward-looking
statements involve inherent risks and uncertainties.
About Mitsubishi Motors
Mitsubishi Motors Corporation (TSE: 7211) was established in 1970 and is one
of the few automobile companies in the world that produces a full line of
automotive products ranging from 660-cc mini cars and passenger cars to
commercial vehicles and heavy-duty trucks and buses. The company also operates
consumer financing services and provides this to its customer base. For more
information, please visit www.mitsubishi-motors.com.
Public Relations Department
Copyright 2013 JCN Newswire. All rights reserved. www.japancorp.net
Provider ID: 00026201
Press spacebar to pause and continue. Press esc to stop.