Mitsubishi announces half year results

Mitsubishi Motors Corporation today announced its sales and financial results for the first half of the 2010 fiscal year ending March 31, 2011, and outlined its forecasts for the full fiscal year.

Mitsubishi posted consolidated net sales of 864.7 billion yen for 1H fiscal 2010 (April 1 through September 30, 2010), a 51 percent or 291.7 billion yen increase over the same period last fiscal year. This increase was driven by higher unit sales volume chiefly in ASEAN bloc markets as well as China, among others, which more than countered the negative impact of the rapid appreciation of the yen during the term. Mitsubishi Motors posted an operating profit of 6.9 billion yen, an improvement of 39.4 billion yen over the same period last fiscal year. The increase in sales volume together with reductions in material and other costs and better profitability at the company's Japanese subsidiaries more than countered the negative impact of the higher yen. Mitsubishi Motors posted an ordinary profit of 7.0 billion yen, an improvement of 41.2 billion yen, and posted a net loss of 4.9 billion yen, an improvement of 31.5 billion yen over the same period last fiscal year.

Global retail sales volume totaled 527,000 vehicles, a 19 percent or an 82,000 unit increase over the same period last year.

In Europe, Mitsubishi Motors posted a sales volume of 98,000 vehicles, an increase of 5,000 units or 5 percent over the same period last year. Factors behind this increase include favorable initial sales of the new ASX compact crossover which was sequentially released into western European countries from June which have contributed to higher year-on-year sales in all leading western European markets except Germany. Also adding to the increase in overall European sales volume has been the positive turnaround in Russia where monthly sales volume has exceeded year-on-year levels since August. I

On the basis of market trends in, and the company's initiatives tailored to, individual regions Mitsubishi Motors has raised its 2010 sales volume plan published at the beginning of fiscal 2010 by 3,000 units to 1,124,000 units.