TOKYO (dpa-AFX) - Japanese automaker Mitsubishi Motors Corp. (MMTOF.PK, 7211) reported Tuesday that its first-half net income attributable to owners of the Parent was 48.4 billion Japanese yen, compared to a net loss of 219.6 billion yen in the prior-year period.
Operating profit was 44.2 billion yen, compared to operating loss of 31.6 billion yen last year. Operating margin improved to 4.7% from prior year's negative margin of 3.7 percent.
Revenues for the first half rose 9.6% to 947.7 billion yen from 864.9 billion yen a year ago.
Retail volume grew 14.2 percent to 498 thousand units from 436 thousand units in the prior year. The increase was driven by higher sales in Japan, up 48% to 43,000 units. China sales rose 87%.
Increased sales in these markets offset slower growth in North America, where sales rose 1% to 72,000 units, and a 1% decline in unit sales to 89,000 units in Europe.
Further, the company reaffirmed its full-year outlook for the current fiscal year.
Looking ahead, for fiscal 2017, the company continues to expect attributable net income of 68 billion yen, and operating profits of 70 billion yen, representing a 3.5% operating margin.
Net sales are still projected to rise 5% year-on-year to 2 trillion yen.
The company continues to forecast that global sales would increase by 11% year-on-year to 1.029 million units.
Copyright RTT News/dpa-AFX