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Tokyo, October 28, 2010
Mitsubishi Motors Corporation Announces First Half Fiscal 2010 Results and Full-year Forecasts
TOKYO, October 28, 2010 Mitsubishi Motors Corporation today announced its sales and financial results for the first half (1H) of the 2010 fiscal year ending March 31, 2011, and outlined its forecasts for the full fiscal year.
 
1. Performance overview
Mitsubishi Motors 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.
 
2.  Sales volume
Global retail sales volume for 1H fiscal 2010 totaled 527,000 vehicles, a 19 percent or an 82,000 unit increase over the same period last year. Sales volumes by region were as follows:
In Japan, Mitsubishi Motors posted a 1H sales volume of 89,000 vehicles, an increase of 12,000 units or 16 percent on the same period last year. The increase in sales volume was driven by stronger sales of registered vehicles such as the Delica D:5, the Outlander, and other models that benefited from eco-car tax reductions and incentives. In addition, minicars performed well and the launch of the new RVR compact SUV in February of this year also helped to lift volume.
In North America, Mitsubishi Motors posted a sales volume of 43,000 vehicles, a decrease of 3,000 units or 6 percent over the same period last year. Year-on-year sales volume remained steady in Mexico but declined in the United States and Canada.
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. 
In Asia & Other Regions, Mitsubishi Motors posted a sales volume of 297,000 vehicles, an increase of 68,000 units or 30 percent over the same period last year. Year-on-year sales volume rose throughout the region, with particularly high growth in China, in those countries of the ASEAN bloc including Thailand, the Philippines, Indonesia, among others, as well as in Australia and Brazil.


 
  

3Fiscal 2010 full-year forecasts
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.
In the light of the company's 1H results and after a careful review of the outlook for the second half of the fiscal year, taking into account variable factors and measures to be implemented during the period, Mitsubishi Motors has decided to leave its full-year forecasts unchanged (net sales of 1.9 trillion yen; operating profit of 45 billion yen; ordinary profit of 30 billion yen; net profit of 15 billion yen).
 
 
Note on forward-looking statements
All statements herein, other than historical facts, contain forward-looking statements and are based on MMC's current forecasts, expectations, targets, plans, and evaluations. Any forecasted value is calculated or obtained based on certain assumptions. Forward-looking statements involve inherent risks and uncertainties.
A number of significant factors could therefore cause actual results to differ from those contained in any forward-looking statement. Significant risk factors include:
 
•Feasibility of each target and initiative as laid out in this news release;
•Fluctuations in interest rates, exchange rates and oil prices;
•Changes in laws, regulations and government policies; and
•Regional and/or global socioeconomic changes.
 
Potential risks and uncertainties are not limited to the above and MMC is not under any obligation to update the information in this news release to reflect any developments or events in the future.
 
If you are interested in investing in Mitsubishi Motors, you are requested to make a final investment decision at your own risk, taking the foregoing into consideration. Please note that neither Mitsubishi Motors nor any third party providing information shall be responsible for any damage you may suffer due to investment in Mitsubishi Motors based on the information shown in this news release.

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