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Friday, 28 October 2016, 14:32 HKT/SGT

Source: Mitsubishi Motors
Mitsubishi Motors Corporation Announces Fiscal 2016 First Half Operating Results and Revises Full-year Forecasts

TOKYO, Oct 28, 2016 - (JCN Newswire) - Mitsubishi Motors Corporation (MMC) today announced its sales and financial results for the first half of the 2016 fiscal year (FY) ending March 31, 2017 along with a full-year forecast revision.

1. Performance overview

MMC posted consolidated net sales of 864.9 billion yen for the first half of fiscal 2016 (April 1 through September 30, 2016), a 19% or 204.9 billion yen decrease over the same period last fiscal year.

MMC posted an operating income of -31.6 billion yen, a decrease of 90 billion yen over the same period last fiscal year due to the impact of a halt in production and sales for some models stemming from the issue of improper conduct in fuel economy testing in Japan, increased market quality measure costs, and the appreciation of the Japanese yen.

MMC posted an ordinary income of -28.2 billion yen, a decrease of 86.7 billion yen over the first half of FY2015. Net income for the first half of FY2016 attributable to owners of the parent was -219.6 billion yen, a decrease of 271.7 billion yen, due to the booking of an extraordinary loss of 166.2 billion yen related to losses incurred as a result of improper conduct in fuel economy testing issue.

2. Sales volume (Retail)

Global retail sales volume for the first six months of FY2016 totaled 436,000 units, a decrease of 16% or 85,000 units over the same period last fiscal year. Sales volumes by regions were as follows.

Japan: Sales volume totaled 29,000 units, a year-on-year decrease of 37% or 17,000 units. Sales fell sharply, affected by the improper conduct in fuel economy testing issue.

North America: Sales volume totaled 69,000 units, about the same level as same period last year. Strong sales of the Outlander were countered by a drop in sales of the Mirage.

Europe: Sales volume totaled 90,000 units, a year-on-year decrease of 13% or 14,000 units. A drop in sales in Russia due to the stagnant state of its economy was compounded by a continuing inventory shortage of the ASX compact SUV (RVR or Outlander Sport in some countries) in Western Europe as well as a decline in sales of the Outlander PHEV, mostly in the Netherlands.

Asia: Sales volume came to 140,000 units, a year-on-year decrease of 8% or 12,000 units.

In the ASEAN region, sales volume totaled 98,000 units, a year-on-year decrease of 1% or 1,000 units. Firm sales of the Pajero Sport (Montero Sport in some countries) and aggressive sales promotions in the Philippines and Thailand boosted overall sales volume, however sales of light commercial vehicles in Indonesia slowed due to sluggish raw material prices.

In the North Asia region, sales volume totaled 42,000 units, a year-on-year decrease of 22% or 11,000 units. The fall in sales was due to decreased competitiveness stemming from a lack of new MMC-brand models in China.

Other Regions: Sales volume totaled 108,000 units, a year-on-year decrease of 28% or 42,000 units. Sales in the Middle East and Latin America plunged under economic downturns stemming from the fall in oil prices.

3. Revision to fiscal 2016 full-year forecasts

- Sales volume: 933,000 units (29,000 units down from June 22, 2016 forecast)

- Net sales: 1840.0 billion yen (70 billion yen down)

- Operating income: 27.6 billion yen (52.6 billion yen down)

- Ordinary income: 28.2 billion yen (60.2 billion yen down)

- Net income attributable to owners of the parent: 239.6 billion yen (94.6 billion yen down)

About Mitsubishi Motors

Mitsubishi Motors Corporation is the fifth largest automaker in Japan and the fifteenth largest in the world by global unit sales. It is part of the Mitsubishi keiretsu, formerly the biggest industrial group in Japan, and was formed in 1970 from the automotive division of Mitsubishi Heavy Industries.

Throughout its history it has courted alliances with foreign partners, a strategy pioneered by their first president Tomio Kubo to encourage expansion, and continued by his successors. A significant stake was sold to Chrysler Corporation in 1971 which it held for 22 years, while DaimlerChrysler was a controlling shareholder between 2000 and 2005. Long term joint manufacturing and technology licencing deals with the Hyundai Motor Company in South Korea and Proton in Malaysia were also forged, while in Europe the company co-owned the largest automobile manufacturing plant in the Netherlands with Volvo for ten years in the 1990s, before taking sole ownership in 2001.

Mitsubishi Motors
Public Relations Department 

Oct 28, 2016 14:32 HKT/SGT
Source: Mitsubishi Motors

Topic: Press release summary
Sectors: Automotive
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