TOKYO (dpa-AFX) - Mitsubishi Motors Corp. (MMTOF.PK, 7211) raised its fiscal 2011 net income guidance to 23.9 billion yen or 4.32 yen per share from its earlier outlook of 20.0 billion yen or 3.61 yen per share. The company now projects full-year operating income of 63.70 billion yen versus its previous expectation of 50.0 billion yen. The company said this revision of operating income forecast was due to reductions in sales expenses and other costs, despite a drop in sales volume.
Net sales for the year is currently expected to be 1.81 trillion yen compared with its prior estimate of 1.82 trillion yen.
In the March 5, 2012 notice on the posting of gains from investment securities' sale, MMC said it would post an expected gain on the sale of investment securities of about 10.5 billion yen in fiscal 2011 due to the sale of stock in GAC Changfeng Motor Co. Ltd. Currently, the transaction of sale of the stock mentioned is still in process; therefore MMC expects to post the gain in fiscal 2012.
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© 2012 AFX News
