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Tokyo, October 28, 2011
Mitsubishi Motors Corporation Announces First Half Fiscal 2011 Operating Results and Revises Full-year Forecasts
Tokyo, October 28, 2011 – Mitsubishi Motors Corporation today announced its sales and financial results for the first half (1H) of the 2011 fiscal year ending March 31, 2012 and announced revisions to its previously-announced forecasts for the full fiscal year.
 
1.Performance overview
Mitsubishi Motors posted a consolidated net sales of 907.5 billion yen for 1H fiscal 2011 (April 1 through September 30, 2011), a 5 percent or 42.8 billion yen increase over the same period last fiscal year. This increase was driven by higher unit sales volume resulting from market growth chiefly in emerging countries as well as the introduction of new models, which more than countered the negative impact of further strengthening of the yen.
Mitsubishi Motors posted an operating profit of 34.2 billion yen, a 396 percent or 27.3 billion yen increase over the same period last fiscal year. The improvement was made possible mainly by higher net sales, together with other factors such as reductions in material and other costs.
Mitsubishi Motors posted an ordinary profit of 23.3 billion yen, a 234 percent or 16.3 billion yen increase, and posted a net profit for the term of 10.6 billion yen, an improvement of 15.5 billion yen over the same period last year.
 
2.Sales volume
Global retail sales volume for 1H fiscal 2011 totaled 519,000 units, a 9 percent or a 43,000 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 72,000 units, a decrease of 19 percent or 17,000 units over the same period last fiscal year. Factors behind the lower volume included a drop in total demand following the ending of eco-car subsidies in September last year.
In North America, Mitsubishi Motors posted a sales volume of 61,000 units, an increase of 41 percent or 18,000 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 strong sales of the Outlander Sport, launched in October of last year.
In Europe, Mitsubishi Motors posted a sales volume of 117,000 units, an increase of 20 percent or 19,000 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 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 269,000 units, an increase of 10 percent or 23,000 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 sales in other regions such as Central and South America led by Brazil.
 
3.Revisions to fiscal 2011 full-year forecasts
After examining the operating results for the first half of fiscal 2011 and considerable factors such as concerns of a looming recession in the United States, financial instability in Eurozone countries, a historically strong yen, and the recent flooding in Thailand, Mitsubishi Motors has decided to make the following revisions to its fiscal 2011 full-year (April 1, 2011 through March 31, 2012) consolidated forecasts announced on June 13, 2011 for unit sales volume and financial results.
  • Sales volume:
  • Net sales:
  • Operating profit:
  • Ordinary profit:
  • Net profit:

1,032,000 units (43,000 units down)

1,820 billion yen (130 billion yen down)

50 billion yen (no change)

40 billion yen (no change)

20 billion yen (no change)


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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