Japanese car giant Mitsubishi has said that its second-quarter net profit improved 60% to 10.1 billion yen (£78.9 million) on cost cuts, but lowered its projection for China, where a bitter territorial dispute is sending sales plunging.

The company, which reported a 6.3 billion yen (£49.2 million) profit for the July-September period last year, is among the Japanese car firms making a solid recovery after last year's earthquake and tsunami disaster that disrupted supply chains. The floods in Thailand that followed added to production woes.

Mitsubishi's quarterly sales dipped 7% to 440.7 billion yen (£3,5 billion) as a strong yen and economic woes in Europe added to the damage, the Tokyo-based manufacturer said today.

Mitsubishi stuck to its profit forecast for the full fiscal year at 13 billion yen (£101.6 million), down 46% from the previous year. It lowered its sales projection to 1.83 trillion yen (£14.3 billion) from an earlier 1.98 trillion yen (£15.5 billion), which will mark a 1% rise on the year.

The maker of the i-MiEV electric car and Outlander sports-utility vehicle now expects to sell 42,000 vehicles in China, lower than the initial forecast for 73,000 vehicles, and falling short of the 63,000 vehicles sold the previous financial year.

Read More - http://www.expressandstar.com/business/city-news/2012/10/30/cost-cuts-boost-mitsubishi-profits/

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Friday 9 November 2012

Cost cuts boost Mitsubishi profits

Japanese car giant Mitsubishi has said that its second-quarter net profit improved 60% to 10.1 billion yen (£78.9 million) on cost cuts, but lowered its projection for China, where a bitter territorial dispute is sending sales plunging.