Mitsubishi Motors Corporation (MMC) today announced its sales and financial results for the first half of the 2013 fiscal year (FY) ending March 31, 2014 along with full-year forecast revisions. 1. Performance overview MMC posted consolidated net sales of 929.0 billion yen for the first half of fiscal 2013 (April 1 through September 30, 2013), … Continued
Mitsubishi Motors Corporation (MMC) today announced its sales and financial results for the first half of the 2013 fiscal year (FY) ending March 31, 2014 along with full-year forecast revisions.
1. Performance overview
MMC posted consolidated net sales of 929.0 billion yen for the first half of fiscal 2013 (April 1 through September 30, 2013), an 8% or 69.0 billion yen increase over the same period last fiscal year.
MMC posted an operating income of 50.8 billion yen, an increase of 65% or 20.0 billion yen over the same period last fiscal year. Negative factors such as increases in sales expenses including advertising costs and worsening of the model mix among others were overcome by steadily progressing reductions in material and other costs in addition to favorable foreign exchange rates.
Along with the increased non-operating income from factors including foreign exchange gains MMC posted an ordinary income of 61.0 billion yen, an increase of 93% or 29.4 billion yen over the first half of FY2012. Net income for the term came to 46.7 billion yen, an increase of 55% or 16.6 billion yen year-on-year.
2. Sales volume (Retail)
Global retail sales volume for the first half of fiscal year 2013 totaled 499,000 units, a 4% or 21,000-unit increase over the same period last fiscal year. Sales volumes by region were as follows:
Japan: Sales volume totaled 66,000 units for the term, a 5% or 3,000-unit increase year-on-year. Despite a year-on-year downturn in registered vehicles, the strong start of the June-released all-new eK Wagon and eK Custom minicars contributed to the increase.
North America: Sales volume amounted to 45,000 units for the term, a 3% or 2,000-unit increase year-on-year. In the United States, sales of the Outlander Sport (RVR or ASX in some markets) core model increased over the same period last year and the new Outlander introduced in June contributed to offsetting last year’s production termination and subsequent drop in sales of the Galant, resulting in a year-on-year result being on par with the same period last year. Year-on-year sales volume increases in Canada and Mexico contributed the region’s overall sales volume increase.
Europe: Sales volume totaled 91,000 units, a 1% or 1,000-unit increase year-on-year. Despite a decrease in total automobile demand and subsequent drop in sales in Russia, and a decrease in automobile demand in western Europe, the region’s year-on-year sales were boosted by factors including positive effects of the introduction of the all-newOutlander and Space Star/Mirage models in western Europe.
Asia & Other Regions: Sales volume came to 297,000 units, a 6% or 15,000-unit increase year-on-year. The ASEAN region showed a drop in year-on-year sales volume as brisk sales in the Philippines and Indonesia were not able to overcome a drop in sales in Thailand, where factors such as the government’s “first-car buyer” program came to an end at the end of last year, negatively affecting sales in the country. On the other hand all other areas outside of the ASEAN region (North Asia, Australia & New Zealand, Latin America, the Middle East & Africa) achieved year-on-year increases which contributed to the overall increase for the region.
3. Revision to fiscal 2013 full-year forecasts
MMC has decided to revise the sales volume, net sales, ordinary income, and net income figures in its fiscal 2013 full-year (April 1, 2013 through March 31, 2014) consolidated earnings forecasts announced on April 25, 2013. These changes were made based on the 1H FY2013 operating results and the consideration of other factors, including the current global economic situation and market trends. The revision is outlined below.
- Sales volume:
- Net sales:
- Operating income:
- Ordinary income:
- Net income:
|
1,111,000 units (58,000 units down from April 25, 2013 forecast)
2,130.0 billion yen (140.0 billion yen down)
100.0 billion yen (no change)
100.0 billion yen (10.0 billion yen up)
70.0 billion yen (20.0 billion yen up) |
Note on forward-looking statements
All statements herein, other than historical facts, contain forward-looking statements and are based on Mitsubishi Motors Corporation’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 Mitsubishi Motors Corporation 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 Corporation, you are requested to make a final investment decision at your own risk, taking the foregoing into consideration. Please note that neither Mitsubishi Motors Corporation nor any third party providing information shall be responsible for any damage you may suffer due to investment in Mitsubishi Motors Corporation based on the information shown in this news release. |
