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Tokyo, August 01, 2011
Mitsubishi Motors Corporation Announces Fiscal Year 2011 First Quarter Results
Tokyo, August 1, 2011 - Mitsubishi Motors Corporation today announced its sales and financial results for the first quarter of the 2011 fiscal year ending March 31, 2012.
 
 
1 . Performance overview
Mitsubishi Motors posted consolidated net sales of 431.9 billion yen for the first quarter of fiscal 2011 (April 1 through June 30, 2011), a seven percent or 28.2 billion yen increase over the same period last fiscal year. This increase was driven by a higher unit sales volume resulting from market growth chiefly in emerging markets as well as the introduction of new models.
Mitsubishi Motors posted an operating profit of 12.2 billion yen, an improvement of 16.7 billion yen over the same period last fiscal year. The improvement was made possible through mainly by higher net sales, together with other factors such as reductions in materials and other costs, which more than offset the negative impact of the strong yen.
Mitsubishi Motors posted an ordinary profit of 10.3 billion yen, an improvement of 16.1 billion yen, and posted a net profit for the term of 4.3 billion yen, an improvement of 16.1 billion yen over the same period last fiscal year.
 
2 . Sales volume
Global retail sales volume in the first quarter of fiscal 2011 totaled 267,000 units, an increase of 16 percent or 37,000 units over the same period last fiscal year. Sales volumes by region were as follows:
In Japan, Mitsubishi Motors posted a sales volume of 34,000 units, a decrease of 11 percent or 4,000 units over the same period last year. Factors behind the lower volume include a drop in demand following the ending of the eco-car subsidies in September last year coupled with effects from the Great East Japan Earthquake.
In North America, Mitsubishi Motors posted a sales volume of 31,000 units, an increase of 51 percent or 10,000 units over the same period last year. The factors contributing to this substantial increase include higher sales in the United States which stemmed mainly from the launch of the Outlander Sport in October last year.
In Europe, Mitsubishi Motors posted a sales volume of 64,000 units, an increase of 39 percent or 18,000 units over the same period last year. Factors contributing to the region's increase were increased year-on-year sales in major markets of Western Europe including Germany, Italy, and France. This was accomplished despite the lagging overall demand in those markets by strong sales of the ASX introduced sequentially into markets from June of last year. Also contributing to the higher volume in the region was a significant increase in unit sales in Russia where demand is recovering.
In Asia & Other Regions, Mitsubishi Motors posted a sales volume of 138,000 units, an increase of 11 percent or 13,000 units over the same period last year. This growth was driven mainly from strong sales in major ASEAN bloc countries including Thailand and Indonesia as well as supported by firm performances in other regions such as Latin America led by Brazil.
 
3. FY2011 forecasts
After examining the results for the first quarter of fiscal 2011 and the latest market trends, Mitsubishi Motors has decided to make the following adjustments to its fiscal 2011 first-half (April 1 through September 30, 2011) consolidated forecasts announced on June 13, 2011 for unit sales volume and financial results.
  • Sales volume:             518,000 units (8,000 units up)
  • Net sales:                  880.0 billion yen (20.0 billion yen up)
  • Operating profit:         18.0 billion yen (13.0 billion yen up)
  • Ordinary profit:           13.0 billion yen (13.0 billion yen up)
  • Net profit:                  0.0 billion yen (10.0 billion yen up)
As to fiscal 2011 full-year forecasts, in view of the many uncertainties that may impact the company's operations, these including the strong yen, electrical power shortages in Japan, and  uncertainty of the direction of the global economy, Mitsubishi Motors has decided to leave its full-year forecasts announced on June 13 of this year (sales volume of 1,075,000 units, net sales of 1.95 trillion yen, operating profit of 50.0 billion yen, ordinary profit of 40.0 billion yen and net profit of 20.0 billion yen) unchanged.
 

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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