Mitsubishi Motors to Book 26-B.-Yen Annual Net Loss

Economy

Tokyo, April 24 (Jiji Press)--Mitsubishi Motors Corp. <7211> on Friday revised down its earnings forecasts for the year that ended last month amid the coronavirus pandemic, now projecting a group net loss of 26 billion yen, against the previous forecast of a 5-billion-yen profit.

The Japanese automaker is seen falling into the red ink for the first time since the year through March 2017, when it was hurt by a mileage data scandal.

The full-year sales estimate was reduced to 2.27 trillion yen from 2.45 trillion yen, while the operating profit projection was slashed to 12 billion yen from 30 billion yen.

The downward revisions reflected a fall in automobile sales, including in Southeast Asia, the company's mainstay market.

Mitsubishi Motors also decided to skip year-end dividends for the first time since the year through March 2013.

[Copyright The Jiji Press, Ltd.]

Jiji Press