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| MMC records first quarter operating profit on 4% volume increase |
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Mitsubishi Motors reports that its consolidated net sales in the first quarter of fiscal 2007 increased by 146.9 billion yen to 630.8 billion yen – a 30%-plus increase over the same period last fiscal year (483.9 billion yen). The gain stems principally from increased revenue from higher sales volume and from favourable yen exchange rates.
Operating and ordinary income were both in the black. Mitsubishi Motors posted an operating profit of 6.0 billion yen, an improvement of 12.8 billion yen from the same period last fiscal year. Factors contributing to this improvement include increased volume and favourable changes in the model mix, and the weaker yen which offset higher marketing and overhead costs due to increased advertising and publicity outlays in North America related to new-vehicle introduction. The company posted an ordinary profit of 2.6 billion yen, a year-on-year gain of 14.8 billion yen.
Mitsubishi Motors nevertheless reported a net loss of 8.2 billion yen for the period, thought this was a year-on-year improvement of 6.9 billion yen, despite the company booking a one-off charge for reorganisation costs stemming from the integration of its domestic consolidated sales companies that was completed on July 1, 2007 and despite an increase in income taxes.
MMC’ global retail market unit sales of vehicles in the first quarter of fiscal 2007 totalled 334,000 vehicles, a 14% increase of 41,000 on the 293,000 sold in the same period in fiscal 2006.
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Source : http://www.autoindustry.co.uk
(7/31/2007)
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