Thursday, 26th April 2012
In Business In Japan,
Mitsubishi Motors reports 53% profit growth
Japanese car maker Mitsubishi Motors experienced a very successful fiscal year, with a cost cutting programme helping the firm post a 53 per cent increase in revenues.
Mitsubishi is the fourth-biggest vehicle brand in Japan behind the likes of Toyota and Nissan, but in the full fiscal year ending March 31st, the company saw its turnover jump from 15.6 billion yen (£119 million) to 23.9 billion (£183 million).
The firm's operating profits also jumped upwards, rising 58 per cent to reach 63.7 billion yen.
This success comes despite the strong yen hurting sales in the final quarter and the damage to business caused by the March 11th earthquake and tsunami last year.
Some 14,000 more vehicles were sold in fiscal 2011 than in the previous year, the one per cent increase meaning the company broke the one million vehicles mark.
A total of 1,001,000 automobiles were sold in the 12 month period and the firm predicts a nine per cent or 87,000 rise again in the year ahead.
"Mitsubishi Motors bases this forecast on expectations of increased sales volume through the sequential introduction of two new models into global markets in addition to continued solid growth in emerging markets," the company said in a statement.
Written by Mark Smith