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Mitsubishi Motors fiscal Q1 profit falls YOY

Mitsubishi Motors Corp. said its normalized net income for the fiscal first quarter ended June 30 came to ¥2.41 per share, a decline of 78.6% from ¥11.26 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥2.37 billion, a decline of 78.6% from ¥11.07 billion in the prior-year period.

The normalized profit margin declined to 0.6% from 2.2% in the year-earlier period.

Total revenue fell 14.3% on an annual basis to ¥428.73 billion from ¥500.52 billion, and total operating expenses decreased 12.0% from the prior-year period to ¥424.11 billion from ¥481.89 billion.

Reported net income came to a loss of ¥129.72 billion, or a loss of ¥131.91 per share, compared with income of ¥23.99 billion, or ¥24.39 per share, in the prior-year period.

As of Aug. 12, US$1 was equivalent to ¥100.91.