Mitsubishi Motors net loss narrows in April-Dec


AFP

TOKYO–Japan’s Mitsubishi Motors said Wednesday its net loss narrowed in the nine months to December from a year earlier as the global market recovers and cost-cutting measures helped offset the yen’s strength.

The automaker posted a return to operating profit over the period but it said the strong yen weighed on earnings as it maintained its annual forecast. Mitsubishi Motors’ net loss was 2.25 billion yen (US$27.6 million), less than a tenth of a 25.7 billion yen loss logged in the same period last year when the auto industry was hit by the global financial crisis.

But the company logged an operating profit of 13 billion yen, up from an operating loss of 19.8 billion yen a year ago. Sales jumped 37.7 percent to 1.31 trillion yen.