Mitsubishi Motors Announces Results for First Quarter Fiscal 2006; Operating Loss Cut in Half from Previous Period Last Year.Tokyo, Japan, Aug 2, 2006 - (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 financial results for the first quarter of the fiscal year ending March 31, 2007. Mitsubishi Motors reported 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 of 483.9 billion yen for the first quarter of fiscal 2006 (April 1 through June 30, 2006), a very slight decrease of 1.9 billion yen over the same period last year (485.8 billion yen). The decrease stemmed mainly from a drop in sales volume in the company's Asia & Other region markets, which was not completely offset by increases in Japan, North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. and Europe. The company reported an operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. of 6.8 billion yen, an improvement of 7.0 billion yen over the same period last year. Factors contributing to this improvement and helping to offset the lower net sales reported above include: the weaker yen, reductions in advertising outlays 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. , and an improvement in profitability at the company's U.S. financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. subsidiary. Mitsubishi Motors also achieved reductions in the size of its ordinary and net losses: reporting an ordinary loss of 12.2 billion yen, a year-on-year improvement of 7.8 billion yen, and a net loss of 15.1 billion yen, an improvement of 6.5 billion yen. Sales volume Global market sales of Mitsubishi Motors vehicles in the first quarter of fiscal 2006 totaled 292,000 vehicles, 34,000 fewer than the 326,000 sold in the same period last year. In Japan, MMC sold 52,000 vehicles, a year-on-year increase of 4,000, as sales grew year-on-year for the 15th consecutive month (through July 2006) since May 2005. This first quarter increase reflected positive gains stemming from the new Outlander and i models the company launched in FY2005, as well as by the release of the Colt RALLIART Version-R, i Play Edition, and other special edition models in a domestic market where total demand fell over the period under review. In North America, Mitsubishi Motors halted the slide in sales volume selling 42,000 vehicles, an increase of 1,000 over the same period last year. This reflected sales-boosting measures introduced under the new management structure at Mitsubishi Motors North America Mitsubishi Motors North America, Inc. is the North American operation of Mitsubishi Motors Corporation, overseeing sales, manufacturing, finance, and research and development functions. , Inc. and strong sales of the new Eclipse Spyder that began full sales in April. In Europe, the company sold 71,000 vehicles, a year-on-year increase of 5,000 driven mainly by a substantial increase in sales volume in Russia and the Ukraine, major growth markets in the region. In markets in its Asia & Other region, Mitsubishi Motors sold 127,000 vehicles, 44,000 fewer than in the same period last year. Markets in the Middle East and Africa posted solid growth but total sales volume for the region was impacted by slower sales in Taiwan and ASEAN-block countries where total demand fell due to higher oil prices and other factors, and by increased consumption tax in China. FY2006 forecasts Mitsubishi Motors leaves the first half and full-year forecasts for fiscal 2006 announced on April 27, 2006 unchanged. 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. Source: Mitsubishi Motors Corporation Contact: Mitsubishi Motors Media Center https://media.mitsubishi-motors.com/index.php Copyright [c] 2006 JCN Newswire. All rights reserved. A division of Japan Corporate News Network K.K. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion