Mitsubishi Motors Corp. surged back into the black with a consolidated net profit of 6.64 billion yen during the April-September period thanks to reduced costs, a weaker yen and brisk overseas sales, company officials said Tuesday.
The carmaker reported a consolidated net loss of 31.5 billion yen over the same period in 2001.
For the first half of the 2002 business year, the consolidated operating profit soared to 23.48 billion yen from a loss of 13.06 billion yen in the same period last year. The company’s consolidated pretax profit rose to 18.94 billion yen from a loss of 27.38 billion yen.
Group sales rose 5.6 percent to 1.62 trillion yen, the first half-year sales increase since 1997, according to the firm. In terms of volume, worldwide car sales increased 2.4 percent to 674,000 units thanks to the 7.5 percent rise in overseas sales to 492,000 units.
On a parent-only basis, Mitsubishi Motors reported an operating profit of 518 million yen against an operating loss of 12.66 billion yen for the same period last year. Pretax profit came to 2.08 billion yen, although the car maker posted a pretax loss of 19.66 billion yen a year earlier.
Net loss during the six months narrowed to 15 billion yen from 20.65 billion yen in the same period in 2001, while sales rose 7.3 percent to 950.23 billion yen.
For the full business year, Mitsubishi Motors forecasts a consolidated operating profit of 77 billion yen, consolidated pretax profit of 55 billion yen, consolidated net profit of 38 billion yen and group sales of 3.4 trillion yen.
On a parent-only basis, it projects an operating profit of 34 billion yen, a pretax profit of 32 billion yen, a net loss of 9 billion yen and sales of 1.9 trillion yen.
Mazda’s profits soar
Mazda Motor Corp. said Tuesday its group net profit jumped fourfold on a year-on-year basis to 5.58 billion yen for the first half of the 2002 business year, supported by a reduction in operating costs and a weaker yen.
For the April-September period, its consolidated operating profit rose 31 percent to 14.68 billion yen and its consolidated pretax profit jumped 91.3 percent to 9.2 billion yen.
Group sales rose 11.7 percent to 1.16 trillion yen. In terms of sales volume, Mazda sold 498,000 vehicles worldwide, up 1.1 percent on a year-on-year basis. Although its sales in Europe jumped 22 percent to 91,000 units, sales dropped 3.3 percent in Japan to 142,000 units and fell 2.6 percent in the U.S. to 179,000 units. The firm attributed the declines in the two major markets to a lack of new models.
On a parent-only basis, Mazda posted an operating profit of 8.54 billion yen, down 2.6 percent from the same period last year, a pretax profit of 7.49 billion yen, down 31.5 percent, and a net profit of 3.9 billion yen, down 41.8 percent. Sales rose 9.4 percent to 736.8 billion yen.
For the full business year to March, the Hiroshima Prefecture-based firm forecasts group sales of 2.34 trillion yen, an operating profit of 50 billion yen, a pretax profit of 36 billion yen and a net profit of 26.5 billion yen.
Parent-only projections are sales of 1.53 trillion yen, an operating profit of 18 billion yen, a pretax profit of 13 billion yen and a net loss of 35 billion yen.
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