Mitsubishi Motors Interim Settlement Final Loss Over 200 Billion Yen November 4, 19:57
Mitsubishi Motors' interim results for the six months to September were affected by the new coronavirus, and sales in Southeast Asia, the mainstay of the company, were sluggish, resulting in a net loss of over 200 billion yen.
According to the announcement, sales of the entire group by September were 574.8 billion yen, down 49% from the same period of the previous year.
The final profit / loss was a deficit of 209.8 billion yen.
Due to the impact of the new coronavirus, sales were sluggish in Southeast Asia, which is our mainstay, and the cost of structural reforms was also increased, such as recording a loss to reduce the book asset value of factory equipment whose production volume decreased.
The company plans to take additional cost-cutting measures, such as reducing winter bonuses, but the company expects a final deficit of 360 billion yen for the year ending March next year, and the difficult situation will continue.
CEO Takao Kato said in an online press conference, "The recovery in Southeast Asia has been delayed and the situation is still severe and uncertain. However, by implementing structural reforms beyond the original plan, we can see the path to improving profitability."