Mitsubishi Motors Corp. on Monday more than halved its operating profit forecast for the financial year that ended in March due to a decline in sales and slower than expected cost-cutting efforts.
For fiscal 2009, the company said it now projects an operating profit of ¥13.8 billion from an earlier forecast of ¥30 billion. It reduced its sales forecast to ¥1.44 trillion from ¥1.5 trillion.
Its net-profit forecast was also revised downward to ¥4.7 billion from an earlier-projected ¥5 billion.
Mitsubishi Motors said the company failed to fully meet its target to reduce raw material costs and also saw a slump in sales in some parts of Asia, Africa and Latin America.
Type R Civic to end
Honda Motor Co. said Monday it will terminate the Civic Type R four-door sedan, a sporty version of the Civic, at the end of August.
The Type R badge is placed on sporty versions of various Honda models, such as the Integra and NSX sports cars, but the Civic Type R sedan is the only model with the badge among models Honda sells in Japan.
The first-generation Civic Type R debuted in 1997 and was followed by a second-generation model in 2001. The third-generation model went on sale in 2007, Honda said.