Mitsubishi Motors to Revise Annual Earnings Forecast
Mitsubishi Motors Corp., the Japanese maker of Lancer sedans, will revise its earnings forecast for the year ending March 31 as the global recession saps car demand and a stronger yen squeezes profits.
Mitsubishi Motors will review forecasts based on sales performance in December and the effects of some cost-cutting measures that are in place now, spokesman Fumio Nishizaki said today by phone. The revision will be made by the time the company announces its third-quarter results, which is usually around the end of January.
The carmaker will join Toyota Motor Corp. and Honda Motor Co., Japan's two largest automakers, in changing profit goals as auto sales plummet worldwide. The yen's 23 percent gain against the dollar this year also cuts the repatriated value of Japanese companies' overseas sales.
Tokyo-based Mitsubishi Motors in October predicted net income to fall 42 percent to 20 billion yen ($220 million) for the year. The plan to revise the earnings forecasts was reported by the Nikkan Kogyo newspaper, which cited an interview with President Osamu Masuko.
Mitsubishi Motors was unchanged at 121 yen at the close of trading on the Tokyo Stock Exchange today. The shares have declined 36 percent this year.
Toyota on Dec. 22 predicted it will post an operating loss of 150 billion yen in the year ending March 31, reversing a previous estimate of a 600 billion yen profit. Honda on Dec. 17 slashed its full-year profit forecast by 62 percent.
Views:0
- Mitsubishi Fuso to Begin Series Production of Fuel-cell Trucks by Late 2020s 2020-03-30
- FUSO Canter Eco Hybrid takes the “European Transport Sustainability Prize 2014” 2013-12-18
- Daimler Trucks Asia Invests 300 Million Euro in Future Sales Growth 2013-11-27
- Mitsubishi Fuso Canter off-road light trucks to sell in Europe 2012-02-28
- Mitsubishi Fuso light commercial vehicles to enter China markets 2011-12-07
- Mitsubishi Releases L200 Facelift Pickup 2011-05-17
- Mitsubishi-Chrysler deal to end for Raider pickup 2009-02-24
- Japan's Mitsubishi Motors to axe 1,100 jobs 2009-01-28
- Mitsubishi Motors Reports November Sales 2008-12-04
- ACT's Commercial Vehicle Forecasts Expand to China 2009-04-16
Submit Your Requirements, We Are Always At Your Service.
- World’s First All-electric Scania Car Transporter Goes into Service
- China’s First Mining Specialized Remote Sensing Satellite Launched
- SINOTRUK Delivers Full Year 2022 Results, Heavy Truck Sales Down 52.50%
- FOTON and Cummins Team up to Build a New Engine Plant in Thailand
- SANY Awarded as 2022 Forbes China TOP 50 Sustainable DEV Industrial Enterprises
- Daimler Trucks and Buses Signs Deal with XCMG Fire Fighting
- FAW Jiefang Sichuan Branch Was Officially Established
- Bus & Truck Expo Set to be Held in May 2023
- Yutong, SCG Signed MoU for Green Mining in Thailand
- CAT Displays Its First Battery Electric Large Mining Truck
- Half Year Review of Commercial Vehicle Sales
- China Exported 63,000 Trucks in May, Up 33% YoY
- Top 10 Best-selling Battery-swapping Heavy Trucks in China in April
- China Exported 158,000 Trucks in Q1, Up 41% YoY
- China’s Truck Exports Grew by 43.8% YoY to 46600 Units in Feb., 2023
- China’s Heavy Truck Sales Rising 29% YOY to 77200 in Feb
- China Exports 567,000 Trucks in 2022, Hitting a New High in a Decade
- China’s Pickup Exports Jumped 65% YOY in 2022
- China's Truck Exports Grew by 42% YOY to 53,000 Units in November
- Heavy Truck Sales in China Fell by 9% YoY to 46000 Units in Nov.