Business

Fuso can't get fix on earnings outlook

Scandal-tainted Mitsubishi Fuso Truck & Bus Corp. said Wednesday it is unable to make earnings projections for the current fiscal year.

“It is currently not possible to assess the financial and business impact of all quality-related measures and issues,” the truck and bus maker said in its earnings report for fiscal 2003.

It was referring to its ongoing large-scale vehicle recalls launched following revelations of a series of defect coverups.

“Against this background, Mitsubishi Fuso Truck & Bus Corp. currently does not see itself in a position to provide a prudent business forecast and financial outlook for fiscal year 2004,” the report says.

It says Mitsubishi Fuso’s group net profit in fiscal 2003 jumped to 17.5 billion yen from 1.5 billion yen the previous year on a 23 percent rise in group sales to 894 billion yen.

Its domestic sales of vehicles surged 48 percent from the previous year to 95,900 vehicles.

Mitsubishi Fuso, which was spun off from Mitsubishi Motors Corp. in January 2003, attributed the brisk earnings to strong replacement demand for trucks to meet stricter emission standards.

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