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Mitsubishi Motors sees 25% rise in profit this year

Mitsubishi Motors sees 25% rise in profit this year
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First Published: Mon, Jun 13 2011. 11 24 AM IST
Updated: Mon, Jun 13 2011. 11 24 AM IST
Tokyo: Mitsubishi Motors Corp said on Monday annual operating profit would rise 25% to ¥50 billion ($622 million) on a rebound in sales and production after the 11 March earthquake.
That topped analysts’ expectations of ¥32.1 billion from Thomson Reuters Starmine SmartEstimate, which puts more weight on recent forecasts by top-ranked analysts.
On 28 April the company said operating profit in the year ended March 2011 tripled to ¥40 billion. The company, like other automakers, at the time declined to provide an outlook because of uncertainty following the quake.
The 9.0 magnitude earthquake that struck northeastern Japan forced Japan’s automakers to slash production as parts ran out. Auto sales in Japan also tumbled in the wake of the disaster as consumers avoided buying big ticket items.
Mitsubishi Motors’ shares gained 1% in Tokyo trading to ¥95.
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First Published: Mon, Jun 13 2011. 11 24 AM IST