From the Wires
Mitsubishi Motors Corporation Announces Third Quarter Fiscal 2012 Operating Results and Revises Full-Year Forecasts
Feb. 5, 2013 12:32 AM
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 revisions.
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 release.
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: www.mitsubishi-motors.com/publish/pressrelease_en/index.html.
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.
Source: Mitsubishi Motors
Public Relations Department
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