Mitsubishi Motors Corporation Announces First Half Fiscal 2009 Results and Full-Year Forecasts

Tokyo, Oct 29, 2009 - (JCN Newswire) - Mitsubishi Motors Corporation today announced its sales and financial results for the first half (1H) of the 2009 fiscal year ending March 31, 2010, and outlined its forecasts for the full fiscal year.

Mitsubishi Motors posted consolidated net sales of 573.0 billion yen for the first half of fiscal 2009 (April 1 through September 30, 2009), a decrease of 641.0 billion yen, or 53 percent over the same period last year. Factors behind the drop in sales include the drop in year-on-year unit sales volume and the strengthening of the Japanese yen.

Mitsubishi Motors posted an operating loss of 32.5 billion yen, 57.9 billion yen down from the operating profit of the same period last fiscal year. Despite positive factors such as concerted efforts to reduce costs and expenses, these positive factors were overcome by the greater negative factors of the drop in sales volume and the strong yen.

Mitsubishi Motors posted an ordinary loss of 34.2 billion yen, a 55.1 billion yen decrease over the ordinary profit from the same period last fiscal year, and reported a net loss of 36.4 billion yen, 49.2 billion yen down from the net profit of the same period last fiscal year.

Accordingly, financial results for the first half of fiscal year 2009 were mostly in line with the 1H fiscal year 2009 forecasts announced on April 27 (1H fiscal year 2009 forecasts published on April 27: net sales of 600 billion yen; operating loss of 35 billion yen; ordinary loss of 40 billion yen; net loss for the term of 45 billion yen).

Sales Volume

Mitsubishi Motors' global retail sales volume for 1H fiscal year 2009 totaled 445,000 units, a decrease of 158,000 units, or 26 percent over the same period last year. Below is a breakdown of regional unit sales volume.
- Japan: 77,000 units (a decrease of 6,000 units, or 8 percent year-on-year)
- North America: 46,000 units (a decrease of 25,000 units, or 35 percent year-on-year)
- Europe: 93,000 units (a decrease of 75,000 units, or 44 percent year-on-year)
- Asia & Others: 229,000 units (a decrease of 52,000 units, or 18 percent year-on-year)

Fiscal 2009 full-year forecasts

Mitsubishi Motors has decided to leave its April 27-announced fiscal 2009 sales volume plan of 932,000 units and full-year financial forecasts unchanged (net sales of 1.5 trillion yen; operating profit of 30 billion yen; ordinary profit of 15 billion yen; net profit of 5 billion yen).

2H fiscal 2009 measures to boost product competitiveness

Japan
Expand models that qualify for eco-car tax reductions and subsidies from 10 to 15
Launch new compact SUV (February 2010)

North America
Launched new Lancer Sportback in the United States (September)
Facelift for Outlander (November)

Europe
Facelift for Outlander (November)
Facelift for L200 (January 2010)

Asia & Others
Facelift for Outlander (October)
Launch new Challenger in Australia (December)
Boosting competitiveness of locally produced models
- Thailand: Start production of new Lancer EX including E85 compliant version (October)
- Brazil: Add FFV version of L200 Triton (October)
- China: Start local production of new Lancer EX (November)
- Philippines: Start local production of new Lancer EX (January 2010)

Note on forward-looking statements

All statements herein, other than historical facts, contain forward-looking statements and are based on MMC's current forecasts, expectations, targets, plans, and evaluations. Any forecasted value is calculated or obtained based on certain assumptions. Forward-looking statements involve inherent risks and uncertainties.

About Mitsubishi Motors

Mitsubishi Motors Corporation (TSE: 7211) was established in 1970 and is one of the few automobile companies in the world that produces a full line of automotive products ranging from 660-cc mini cars and passenger cars to commercial vehicles and heavy-duty trucks and buses. The company also operates consumer financing services and provides this to its customer base. For more information, please visit www.mitsubishi-motors.com .



Source: Mitsubishi Motors

Contact:

Mitsubishi Motors
Public Relations Department
http://www.mitsubishi-motors.com
+81-3-6852-4275

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