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Mitsubishi Motors Corporation Announces Fiscal 2014 First Quarter Operating Results
|By JCN Newswire
|July 30, 2014 05:27 AM EDT
Tokyo, July 30, 2014 - (JCN Newswire) - Mitsubishi Motors Corporation (MMC) today announced its sales and financial results for the first quarter of the 2014 fiscal year (1Q FY2014) ending March 31, 2015.
1. Performance overview
MMC posted consolidated net sales of 513.8 billion yen over 1Q FY2014 (April 1 through June 30, 2014), a 25% or 104.4 billion yen increase over the same period last fiscal year.
MMC posted an operating income of 31.0 billion yen, an increase of 93% or 15.0 billion yen over the same period last fiscal year. Improvement in model mix, continuous efforts on reducing costs, as well as favorable foreign exchange rates contributed to the increase.
Other items include ordinary income at 32.6 billion yen, a 46% or 10.3 billion yen increase, and a net income of 28.2 billion yen, a 71% or 11.8 billion yen increase, both year-on-year. All profit indicators including operating income, ordinary income, and net income were all-time record highs for a first quarter. In particular, operating income for 1Q FY2014 marked five straight year-on-year first quarter increases.
2. Sales volume (Retail)
Global retail sales volume for 1Q FY2014 totaled 258,000 units, a 4% or 9,000-unit increase over the same period last fiscal year. Sales volumes by region were as follows:
Japan: Sales volume totaled 27,000 units for the term, a 2% or 1,000-unit decrease year-on-year. Although sales of minicar models remained at the same level over the same period last year, a year-on-year decrease in sales of registered vehicles negatively affected the total of the region.
North America: Sales volume amounted to 28,000 units for the term, a 22% or 5,000-unit increase year-on-year, driven by firm sales in the United States of the new Outlander SUV and Mirage compact model (Space Star in some markets) launched in FY2013, and the Outlander Sport (RVR or ASX in some markets).
Europe: Sales volume totaled 52,000 units, an 11% or 5,000-unit increase year-on-year. The increase was driven by the launch of the Outlander PHEV in the region.
Asia: Sales volume came to 84,000 units, a 3% or 3,000-unit increase year-on-year. Sales decreased in Thailand due to several factors, mainly continued decreased consumer sentiment due to the ending of the Thai government's First Car Buyer Program in December 2012 as well as political instability caused by the coup d'etat in the country; however, sales grew remarkably in China, mainly backed by the strong performance at GAC Mitsubishi Motors contributing to the positive increase for the region as a whole.
Other Regions: Sales volume totaled 67,000 units, a 4% or 3,000 unit year-on-year decrease. Although sales increased year-on-year in the Middle East and Africa region, sales decreased year-on-year in Australia and Latin America, which resulted in an overall decrease in sales for the region.
2. Fiscal 2014 forecasts
Mitsubishi Motors Corporation has decided to leave its consolidated forecasts announced on April 24, 2014 unchanged for both the first half of FY2014 as well as for the full-year of FY2014.
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
Copyright 2014 JCN Newswire. All rights reserved. www.japancorp.net
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