|- 'V-Shaped Recovery' on track for first three months - |
TOKYO, July 25, 2017 - (JCN Newswire) - Mitsubishi Motors Corporation (MMC) today announced financial results for the three months to June 30, 2017.
The company reported an operating profit of 20.6 billion yen on revenues up 2.8% at 440.9 billion yen for the first quarter of fiscal 2017, representing an operating margin of 4.7%. Net income reached 23.0 billion yen, reversing prior year losses of 129.7 billion yen.
Global sales reached 241,000 units, up 9.0% versus same period of the previous year. The sales increase reflected the resumption of kei car sales in Japan, which were suspended in the prior-year quarter after the fuel economy issue, as well as strong growth in China following the launch of locally-produced Outlander SUVs. Sales also increased in the ASEAN region, led by demand for SUVs and pick-up trucks.
Osamu Masuko, Chief Executive Officer, said: "Fiscal year 2017 is off to a solid start. We are seeing the benefits of increased operational rigor and efficiency, along with encouraging sales in key markets.
"Our V-shaped recovery is continuing, paving the way for sustainable growth. Synergies from the Nissan Alliance are also on track, making a further contribution to the company's overall performance."
Based on the company's first quarter results, MMC has reaffirmed the full year financial forecast for fiscal 2017, which was submitted to the Tokyo Stock Exchange this May.
About Mitsubishi Motors
Mitsubishi Motors Corporation is the sixth largest automaker in Japan and the sixteenth largest in the world. 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. From October 2016, Mitsubishi is one-third owned by Nissan, and a part of the Renault - Nissan - Mitsubishi Alliance. For more information, please visit www.mitsubishi-motors.com/en/index.html.
Public Relations Department
July 25, 2017 15:46 HKT/SGT
Source: Mitsubishi Motors
Topic: Press release summary
From the Asia Corporate News Network
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