Mitsubishi Motors Announces 3Q FY2006 Financial Results.Tokyo, Japan, Feb 6, 2007 - (JCN JCN Japan Corporate News JCN Journal of Cognitive Neuroscience JCN Journal of Cardiovascular Nursing JCN Journal of Christian Nursing JCN Job Control Number JCN Journal of Child Neurology JCN joint communications network (US DoD) Newswire) - Mitsubishi Motors Mitsubishi Motors Corporation (三菱自動車工業株式会社 Corporation (MMC See MultiMediaCard and Microsoft Management Console. ) today announced its sales and financial results for the first nine months of the fiscal year ending March 31, 2007. Mitsubishi Motors reported that consolidated net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight in the first nine months of fiscal 2006 (April 1 through December 31, 2006) totaled one trillion 544.1 billion yen, up 14.5 billion yen over the same period last fiscal year (one trillion 529.6 billion yen). The gain stems principally from increased sales of built-up vehicles and from favorable yen exchange rates which offset declines in OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and supply volumes due to the end of production of the smart forfour The Smart Forfour is a supermini produced by Smart from 2004 to 2006. Unlike the other models of the marque, the Forfour is a more conventional five-door hatchback with a roomy interior, available as a four or five-seater. model at NedCar in the Netherlands and in shipments of parts for use in local production in North Asia North Asia or Northern Asia is a subregion of Asia. The most common definition of the term is;
ASEAN in full Association of Southeast Asian Nations International organization established by the governments of Indonesia, Malaysia, the Philippines, Singapore, and Thailand in countries. Mitsubishi Motors posted an operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. of 6.4 billion yen, 24.6 billion yen better than the same period last fiscal year. Factors contributing to this improvement include: the fact that the drop in overall sales volume had only a limited impact on profitability due to the greater ratio of built-up vehicles in overall volume; improved profitability of financial service operations in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. ; favorable foreign exchange rate movements; and, reductions in selling expenses. Mitsubishi Motors posted an ordinary loss of 6.4 billion yen, a year-on-year gain of 27.4 billion yen that stemmed in part from an improvement in net interest income. The company reported a net loss of 11.8 billion yen for the period, an improvement of 56.3 billion yen. Factors contributing to this improvement include: the elimination of asset impairment charges in Japan and of restructuring charges booked last year; and, extraordinary earnings stemming from the dissolution of a special purpose entity. The third quarter (October-December) of fiscal 2006 marks the first time Mitsubishi Motors has moved into the black at all levels (operating, ordinary and net profits) since the company started disclosing quarterly results in fiscal 2004. Global retail sales of vehicles in the first nine months of fiscal 2006 totaled 899,000 vehicles, a decline of 86,000 on the 985,000 sold in the same period in fiscal 2005. In Japan, MMC sold 170,000 vehicles, a year-on-year increase of 7,000 that reflected continuing stable sales of the Outlander SUV, and sales volume gains resulting from the introduction last year of the new i minicar min·i·car n. A very small car, especially a subcompact. Noun 1. minicar - a car that is even smaller than a subcompact car and Pajero models. In North America, the company sold 123,000 vehicles, 2,000 more than the same period in fiscal 2005. Factors behind this gain include the introduction of the new Eclipse Spyder in April and the full-scale launch of the new Outlander SUV in November last year. In Europe, Mitsubishi Motors sold 206,000 vehicles, a year-on-year increase of 11,000, as strong sales in Russia and a doubling of sales in the Ukraine offset slower sales in Germany and the UK. In Asia and other markets, MMC sold 400,000 vehicles, a decrease of 106,000 over the same period last fiscal year. Firm sales in Latin America, the Middle East, and Africa failed to offset a sharp decline in shipments of parts for local production in Taiwan, China and countries in the ASEAN block. FY2006 full-year forecasts Despite an increasingly challenging global market, Mitsubishi Motors aims to return to the black in terms of full-year net profit through the implementation of profit-oriented marketing initiatives. The company stands by the full-year forecasts made at the announcement of the FY2006 1H results: Net sales of 2,230 billion yen, ordinary profit of 21 billion yen and net profit of 8 billion yen. About Mitsubishi Motors Corporation Mitsubishi Motors Corporation (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). : 7211) was established in 1970 and is one of the few automobile companies in the world that produces a full line of automotive products ranging from 660-cc mini cars and passenger cars to commercial vehicles and heavy-duty trucks and buses. The company also operates consumer financing services and provides this to its customer base. For more information, please visit www.mitsubishi-motors.com . Source: Mitsubishi Motors Corporation Contact: Mitsubishi Motors Corporation Public Relations Department http://www.mitsubishi-motors.com +81-3-6719-2111 Copyright [c] 2007 JCN Newswire. All rights reserved. A division of Japan Corporate News Network K.K. |
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