Mitsubishi Motors annual profit more than triples

AP News
Posted: Apr 27, 2011 3:55 AM
Mitsubishi Motors annual profit more than triples

Mitsubishi Motors' annual profit more than tripled, fueled by growth in emerging nations and the popularity of new models, but the automaker said its earnings outlook is clouded by uncertainty after Japan's earthquake and tsunami.

Tokyo-based Mitsubishi Motors Corp. said net profit for the fiscal year ended March 31 increased 228 percent to 15.6 billion yen ($191 million) from 4.7 billion yen the previous fiscal year.

Sales were up 27 percent to 1.828 trillion yen ($22.4 billion).

Mitsubishi said sales grew 18 percent to 629,000 vehicles in its market segment that includes China, Brazil and other rapidly developing economies, thanks largely to demand from first-time drivers.

Sales increased by 29 percent to 218,000 vehicles in Europe and by 7 percent to 94,000 in North America, Mitsubishi said. The company attributed that growth to the success of its RVR compact crossover.

Mitsubishi did not provide an earnings outlook for the current fiscal year, explaining that the March 11 disasters would have a yet unknown impact on the availability of parts.

Most Japanese automakers are making cars at far less than full capacity because of component shortages.

The company also said power interruptions remain possible due to the loss of the Fukuoka Dai-ichi nuclear power plant, which was flooded during the tsunami.