Mistubishi Motors Corporation Announces Fiscal Year 2011 First Quarter Result

Aug. 23, 2011 - PRLog -- Mitsubishi Motors Corporation recently announced its sales and financial results for the first quarter of the 2011 fiscal year ending March 31, 2012.

1. Performance overview
Mitsubishi Motors posted consolidated net sales of 431.9 billion yen for the first quarter of fiscal 2011 (April 1 through June 30, 2011), a seven percent or 28.2 billion yen increase over the same period last fiscal year.

This increase was driven by a higher unit sales volume resulting from market growth chiefly in emerging markets as well as the introduction of new models.

Mitsubishi Motors posted an operating profit of 12.2 billion yen, an improvement of 16.7 billion yen over the same period last fiscal year. The improvement was made possible through mainly by higher net sales, together with other factors such as reductions in materials and other costs, which more than offset the negative impact of the strong yen.

Mitsubishi Motors posted an ordinary profit of 10.3 billion yen, an improvement of 16.1 billion yen, and posted a net profit for the term of 4.3 billion yen, an improvement of 16.1 billion yen over the same period last fiscal year.

2. Sales volume
Global retail sales volume in the first quarter of fiscal 2011 totaled 267,000 units, an increase of 16 percent or 37,000 units over the same period last fiscal year. Sales volumes by region were as follows:

In Japan, Mitsubishi Motors posted a sales volume of 34,000 units, a decrease of 11 percent or 4,000 units over the same period last year. Factors behind the lower volume include a drop in demand following the ending of the eco-car subsidies in September last year coupled with effects from the Great East Japan Earthquake.

In North America, Mitsubishi Motors posted a sales volume of 31,000 units, an increase of 51 percent or 10,000 units over the same period last year. The factors contributing to this substantial increase include higher sales in the United States which stemmed mainly from the launch of the Outlander Sport in October last year.

In Europe, Mitsubishi Motors posted a sales volume of 64,000 units, an increase of 39 percent or 18,000 units over the same period last year. Factors contributing to the region’s increase were increased year-on-year sales in major markets of Western Europe including Germany, Italy, and France.

This was accomplished despite the lagging overall demand in those markets by strong sales of the ASX introduced sequentially into markets from June of last year. Also contributing to the higher volume in the region was a significant increase in unit sales in Russia where demand is recovering.

In Asia and Other Regions, Mitsubishi Motors posted a sales volume of 138,000 units, an increase of 11 percent or 13,000 units over the same period last year. This growth was driven mainly from strong sales in major ASEAN bloc countries including Thailand and Indonesia as well as supported by firm performances in other regions such as Latin America led by Brazil.

3. FY2011 forecasts
After examining the results for the first quarter of fiscal 2011 and the latest market trends, Mitsubishi Motors has decided to make the following adjustments to its fiscal 2011 first-half (April 1 through September 30) consolidated forecasts announced on June 13, 2011 for unit sales volume and financial results.

  1>  Sales volume    :   518,000 units (8,000 units up)
  2>  Net sales       :   880.0 billion yen (20.0 billion yen up)
  3>  Operating profit:   18.0 billion yen (13.0 billion yen up)
  4>  Ordinary profit :   13.0 billion yen (13.0 billion yen up)
  5>  Net profit      :   0.0 billion yen (10.0 billion yen up)


As to fiscal 2011 full-year forecasts, in view of the many uncertainties that may impact the company’s operations, these including the strong yen, electrical power shortages in Japan, and  uncertainty of the direction of the global economy, Mitsubishi Motors has decided to leave its full-year forecasts announced on June 13 of this year (sales volume of 1,075,000 units, net sales of 1.95 trillion yen, operating profit of 50.0 billion yen, ordinary profit of 40.0 billion yen and net profit of 20.0 billion yen) unchanged.


For further information contact:
Lenore Fletcher
Head of Corporate Communications
Phone: 08 8275 2348
Mobile: 0408 320 797
lfletcher@mmal.com.au

Caitlin Beale
Corporate Communications Manager
Phone: 08 8275 7250
Mobile: 0417 243 719
cbeale@mmal.com.au

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Mitsubishi Motors Australia is part of the global Mitsubishi Motors organisation and is fully owned by Mitsubishi, one of the world's largest companies.

The company's history dates back to 1870, when Mitsubishi's Japanese founder, Yataro Iwasaki, started a shipping company with three steamships. The company grew from strength to strength and, in 1914, registered the Mitsubishi three-diamond trademark. This symbol embodies more than 130 years of tradition, and has earned the confidence and trust of customers all over the world.

Mitsubishi takes great pride from knowing that more than 11 million people from around the world have chosen to drive a Mitsubishi vehicle. There are Mitsubishi dealers in more than 200 sites across Australia. These professional and knowledgeable dealers help owners ensure their Mitsubishi car is always looked after by fully-trained Mitsubishi technicians, using genuine Mitsubishi parts that meet stringent global standards.