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Mitsubishi Motors swings to profit in fiscal Q2

Mitsubishi Motors Corp. said its normalized net income for the fiscal second quarter ended Sept. 30 came to ¥13.62 per share, compared with a loss of ¥21.11 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥20.31 billion, compared with a loss of ¥20.76 billion in the year-earlier period.

The normalized profit margin increased to 4.0% from negative 4.8% in the year-earlier period.

Total revenue grew 16.2% on an annual basis to ¥506.78 billion from ¥436.14 billion, and total operating expenses climbed from the prior-year period to ¥483.18 billion from ¥472.39 billion.

Reported net income totaled ¥25.42 billion, or ¥17.05 per share, compared with a loss of ¥89.87 billion, or a loss of ¥91.38 per share, in the year-earlier period.

As of Nov. 10, US$1 was equivalent to ¥113.32.