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Mitsubishi Motors full-year results

Mitsubishi Motors Corporation has today announced its full-year results for the year ended March 31, 2005, together with forecasts for the current financial year.

Mitsubishi Motors consolidated net sales for fiscal 2004 totalled 2,122.6 billion yen (£10.8bn), down 396.8 billion yen (£2.01bn) from the same period last year.

Mitsubishi Motors posted an operating loss of 128.5 billion yen (£650m), 31.6bn yen (£0.160bn) worse than for the previous year.

Mitsubishi Motors posted an ordinary loss of 179.2bn yen (£908m), 68.9bn yen (£349m) worse than for the previous year. Mitsubishi said factors contributing to the deterioration included the cost of issuing new shares for the capital increase implemented in 2004, and losses stemming mainly from the deterioration in the results of Mitsubishi Fuso Truck & Bus Corporation.

Mitsubishi’s net loss for the year came to 474.8bn yen (£2.41bn), 259.4bn yen (£1.32bn) worse than for the previous year.

Sales of Mitsubishi Motors vehicles on global markets in fiscal 2004 totalled 1,313,000 vehicles, a decline of 214,000 on the 1,527,000 sold the previous year.

In Europe, Mitsubishi Motors sold 241,000 vehicles, an increase of 27,000 on the previous year. Mitsubishi said the introduction of the new Colt, increased sales in the UK and a resulted in a boost of sales in Germany where sales had been sluggish earlier in the fiscal year.

Mitsubishi Motors included forecasts for fiscal 2005 in the Mitsubishi Motors’ revitalization plan published on January 28.

The company has recently revised for certain regions the sales volume plans on which those forecasts were based to reflect changes in the business environment and market vitality since then.

The company now plans global sales volume for fiscal 2005 of 1,370,000 vehicles, an increase of 57,000 over the previous year and 10,000 vehicles more than the Revitalization Plan forecast.

Mitsubishi Motors forecasts the sales of 254,000 vehicles in Europe for 2005, an increase of 13,000 It forecasts total sales for fiscal 2005 of 2,220.0 billion yen (£11.26bn), an increase of 97.4 billion (£0.49bn) over the previous year and 190 billion yen (£0.963bn) more than the plan forecast.

The company forecasts a full-year operating loss of 14 billion yen (£0.071bn), an improvement of 114.5 billion yen (£0.581bn) over the previous year, a full-year ordinary loss of 40 billion yen (£0.20bn), an improvement of 139.2 billion yen (£0.705bn), and a full-year net loss of 64 billion yen (£0.32bn), an improvement of 410.8 billion yen (£2.08bn).

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