Ailing automaker Isuzu Motors Ltd. said Monday it posted a group net loss of 84.23 billion yen for the fiscal first half to Sept. 30, more than tripling its loss of 23.56 billion yen in the same period a year earlier, due to weak auto sales and hefty restructuring charges.
The firm logged a group operating loss of 21.35 billion yen, down sharply from a profit of 4.5 billion yen the previous year. Group sales plunged 23.9 percent year-on-year to 632.49 billion yen.
Isuzu officials said auto sales during the six-month period marked a year-on-year plunge of 12.8 percent to 139,412 units. Domestic sales were hardest hit by the company’s withdrawal from the car and recreational vehicle markets.
Isuzu said a fresh capital injection by its largest shareholder, General Motors Corp. of the U.S., and debt-for-equity swap deals with creditor banks should result in a turnaround by the end of this fiscal year.
For the full year through March 31, the firm projects a group net loss of 170 billion yen on revenue of 1.27 trillion yen.
Output data mixed
Toyota Motor Corp. posted year-on-year gains in output, sales and exports in October, while Mitsubishi Motors Corp. saw its domestic sales fall sharply despite soaring exports, according to data released Monday by the nation’s five biggest automakers.
Most of the automakers increased their domestic output levels from a year earlier.
But Mitsubishi saw its domestic production fall 3 percent due to slower sales of the eK Wagon minicar, the automaker said.
It also saw its domestic sales skid 25.4 percent, while Honda’s sales fell 5.1 percent.
In terms of overseas operations, Mazda’s output jumped 62.8 percent, with production of its Tribute sport utility vehicle soaring 1,900 percent, the company said.
Mitsubishi’s exports rose a robust 27 percent, up for the seventh straight month.
Shipments of the Outlander entry-level SUV to North America led the company’s overall exports to the region, which grew 30.5 percent, the carmaker said.
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