Japan's troubled Mitsubishi Motors yesterday reported a narrower net loss of ¥16.1 billion (US$137 million) for the first half of the fiscal year compared with the same period last year, helped by favorable foreign exchange rates and reduced costs.
In the same six-month period a year ago, the firm lost ¥63.8 billion.
The automaker, fighting to regain consumer trust shattered by a recall scandal several years ago, also stuck with its forecast to return to profitability in the full fiscal year through March next year after three straight fiscal years of red ink.
PHOTO: EPA
In the April-June quarter, Mitsubishi Motors, Japan's fourth-largest automaker, said it lost ¥15.1 billion, better than the ¥21.6 billion loss racked up compared with the same period last year.
The smaller loss for the firm, fighting to regain consumer trust shattered by a recall scandal several years ago, came as group sales grew 1.4 percent to ¥1.005 trillion (US$8.55 billion) in the first half from ¥991.26 billion in the same period last year.
Mitsubishi, however, said global retail sales volume fell by 60,000 units to 599,000 in the April to September period, though sales volume in Japan grew by 6,000 to 114,000 units.
Sales volume in North America was also up, rising 3,000 vehicles to 84,000 total units, the company said.
The automaker kept unchanged its forecast to return to profitability for the full fiscal year ending March next year, at ¥8 billion (US$68.1 million) profit on ¥2.23 trillion (US$19 billion) sales.
The company, however, said yesterday that it would reduce its unit sales volume target down 86,000 vehicles to 1,322,000. The change reflects expectations of fewer sales in parts of Asia, while sales were expected to increase in North American and Europe.
Mitsubishi was aided by a weaker yen, increased sales in Japan and North America and various cost reductions, such as the absence of restructuring charges booked last year, the company said.
In 2000, Mitsubishi Motors admitted it had been covering up auto defects from authorities for more than two decades. The automaker announced a string of recalls, but disclosed in 2004 it had failed to divulge all its problems in 2000 and had more concealed defects.
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