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Mitsubishi Motors fiscal Q1 profit climbs 55.2% YOY

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Mitsubishi Motors fiscal Q1 profit climbs 55.2% YOY

Mitsubishi Motors Corp. said its normalized net income for the fiscal first quarter ended June 30 amounted to ¥20.34 per share, an increase of 55.4% from ¥13.09 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥20.00 billion, a gain of 55.2% from ¥12.89 billion in the prior-year period.

The normalized profit margin increased to 3.9% from 3.1% in the year-earlier period.

Total revenue rose 25.5% year over year to ¥513.79 billion from ¥409.43 billion, and total operating expenses increased 22.7% from the prior-year period to ¥482.83 billion from ¥393.39 billion.

Reported net income increased 71.3% on an annual basis to ¥28.16 billion, or ¥28.63 per share, from ¥16.44 billion, or ¥16.69 per share.

As of Aug. 8, US$1 was equivalent to ¥101.85.