Mitsubishi Motors Corporation Announces Fiscal Year 2010 Full-Year Results

Online, April 28, 2011 (Newswire.com) - Mitsubishi Motors Corporation announced its full-year sales and financial results for the 2010 fiscal year ending March 31, 2011.

Fiscal year 2010 full-year results
1. Performance overview
Mitsubishi Motors posted a consolidated net sales of 1 trillion 828.5 billion yen for fiscal year 2010, a 26 percent or 382.9 billion yen increase over the previous fiscal year. This increase was driven by a higher unit sales volume resulting mainly from market growth in emerging markets and from the introduction of new models.

Mitsubishi Motors posted an operating profit of 40.3 billion yen, a 189 percent or 26.4 billion yen increase over the last fiscal year. The increase in unit sales volume together with factors such as reductions in material and other costs more than offset the negative impact of the strong yen.

Mitsubishi Motors posted an ordinary profit of 38.9 billion yen, a 200 per cent or 25.9 billion yen increase, and a net profit of 15.6 billion yen, a 228 percent or 10.8 billion yen increase over the previous fiscal year.

2. Sales volume
Global retail sales volume in fiscal year 2010 totaled 1,105,000 vehicles, an increase of 15 percent or 145,000 units over fiscal year 2009. Sales volumes by region were as follows:

In Japan, Mitsubishi Motors posted a sales volume of 164,000 vehicles in fiscal year 2010, a decrease of four percent or 7,000 units over the last fiscal year. Factors contributing to this fall in sales volume include the drop in demand following the ending of eco-car subsidies in September 2010 coupled with some effects from the Great East Japan Earthquake.

In North America, Mitsubishi Motors posted a sales volume of 94,000 vehicles, an increase of seven percent or 6,000 units over the previous fiscal year. Slow sales in Canada and Mexico were offset by higher sales in the United States, where overall demand showed signs of recovery, along with a boost from the launch of the Outlander Sport 4WD (RVR in Japan) in October.

In Europe, Mitsubishi Motors posted a sales volume of 218,000 vehicles, an increase of 29 percent or 49,000 units over fiscal year 2009. Factors driving the increase included strong sales of the ASX(RVR in Japan), launched in June 2010, and higher sales in Russia where local production of the Outlander was begun.

In Asia & Other Regions, Mitsubishi Motors posted a sales volume of 629,000 vehicles, an increase of 18 percent or 97,000 units over the previous fiscal year. The rise in volume was driven by the continuing growth in overall demand in China, together with significantly increased sales in major ASEAN bloc countries including Thailand, Indonesia, Malaysia, and the Philippines as well as in Brazil, the largest market in Latin America, among others.

Fiscal year 2011 forecasts
Mitsubishi Motors is unable to provide forecasts for fiscal year 2011 at the present time. This is due to the extreme difficulty in producing rational forecasts at the current time due to uncertainties stemming from external factors that affect Mitsubishi Motors' production which include determining how long it will take earthquake-affected parts and component suppliers to return to a stable production basis. Mitsubishi Motors will publish its fiscal year 2011 forecasts as soon as it becomes possible to do so.

For further information contact:
Lenore Fletcher
Head of Corporate Communications
Phone: 08 8275 2348
Mobile: 0408 320 797
[email protected]

Caitlin Beale
Corporate Communications Manager
Phone: 08 8275 7250
Mobile: 0417 243 719
[email protected]