Profits jump after Mitsubishi sells joint auto venture
2010 Mitsubishi Lancer Evolution is seen in this image courtesy Mitsubishi Canada.
Published Monday, July 30, 2012 9:50AM EDT
TOKYO -- Mitsubishi Motors Corp. says its profit for the April-June period nearly quadrupled to $256 million, largely because of gains from selling shares in a Chinese auto joint venture, which offset lower car sales and damage from a strong yen.
The Japanese maker of the Colt sedan and Outlander sport utility Monday reported $5.4 billion in quarterly sales, down 3 per cent from the previous year, as sales fell in Japan, North America and Europe.
It said its global vehicle sales for the quarter dropped 11 per cent to 239,000 vehicles.
The company lowered its earnings forecast for the fiscal year through March 2013 to a $167 million profit.