Mitsubishi First-Quarter Results for 2017 all GOOD

Mitsubishi Motors Corporation (MMC) has just announced financial results for the three months to June 30, 2017.

The company reported an operating profit of 20.6 billion yen on revenues up 2.8% at 440.9 billion yen for the first quarter of fiscal 2017, representing an operating margin of 4.7%. Net income reached 23.0 billion yen, reversing prior year losses of 129.7 billion yen.

Global sales reached 241,000 units, up 9.0% versus same period of the previous year. The sales increase reflected the resumption of kei car sales in Japan, which were suspended in the prior-year quarter after the fuel economy issue, as well as strong growth in China following the launch of locally-produced Outlander SUVs. Sales also increased in the ASEAN region, led by demand for SUVs and pick-up trucks.

Osamu Masuko, Chief Executive Officer, said: “Fiscal year 2017 is off to a solid start. We are seeing the benefits of increased operational rigor and efficiency, along with encouraging sales in key markets.

“Our V-shaped recovery is continuing, paving the way for sustainable growth. Synergies from the Nissan Alliance are also on track, making a further contribution to the company’s overall performance.”

Based on the company’s first quarter results, MMC has reaffirmed the full year financial forecast for fiscal 2017, which was submitted to the Tokyo Stock Exchange this May.

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