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Mitsubishi Motors Corporation Announces Third Quarter Fiscal 2014 Operating Results and Revises Full-year Forecasts

Tokyo, Feb 3, 2015 - (JCN Newswire) - Mitsubishi Motors Corporation (MMC) today announced its sales and financial results for the first nine months of the 2014 fiscal year (FY2014 3Q) ending March 31, 2015 along with full-year forecast revisions.

1. Performance overview

MMC posted consolidated net sales of 1,588.6 billion yen for the first nine months of fiscal 2014 (April 1 through December 31, 2014), a 5% or 69.9 billion yen increase over the same period last fiscal year.

MMC posted an operating income of 100.8 billion yen, an increase of 5% or 4.5 billion yen over the same period last fiscal year. Despite decreased sales volume in Thailand and Japan, and worsened sales volume and model mix in Russia, improvements in cost reduction efforts and favorable foreign exchange rates contributed to the increase.

Along with the increased non-operating income from factors including foreign exchange gains and equity in earnings of affiliates, MMC posted an ordinary income of 120.1 billion yen, an increase of 3% or 3.7 billion yen over the first nine months of FY2014.

Net income for the term came to 98.6 billion yen, an increase of 12% or 10.2 billion yen year-on-year.

All profit items resulted in record high profits for the term.

2. Sales volume (Retail)

Global retail sales volume for the first nine months of fiscal year 2014 totaled 806,000 units, a 4% or 30,000-unit increase over the same period last fiscal year. Sales volumes by region were as follows:

Japan: Sales volume totaled 79,000 units for the term, a 19% or 18,000-unit decrease year-on-year.

North America: In the United States, where overall market demand is strong, sales of the Outlander Sport (RVR or ASX in some markets) core model increased over the same period last year along with increased sales of the Mirage (Space Star in some markets) contributed to an overall regional sales volume of 85,000 units for the term, a 22% or 15,000-unit increase year-on-year.

Europe: Sales volume totaled 171,000 units, a 15% or 22,000-unit increase year-on-year. Although year-on-year sales decreased in Russia, the region's year-on-year sales were boosted by factors including positive sales in western Europe, due mainly to the expansion of countries where the Outlander PHEV is sold, resulting in an overall regional increase for the term.

Asia: Sales volume came to 257,000 units, a 1% or 3,000-unit decrease year-on-year. Recovery in total demand for Thailand remained sluggish, leading to a drop in overall sales volume for the ASEAN region. A large sales increase in China, mainly stemming from GAC Mitsubishi Motors Corporation could not offset the drop in the ASEAN region.

Other Regions: Sales volume totaled 214,000 units, a year-on-year increase of 7% or 14,000 units with sales increases mainly in the Middle East.

3. Revision to fiscal 2014 full-year forecasts

MMC has decided to revise the sales volume and net sales figures in its fiscal 2014 full-year (April 1, 2014 through March 31, 2015) consolidated earnings forecasts. These changes were made based on the 3Q FY2014 operating results and the consideration of other factors, including the current global economic situation and market trends. The revision is outlined below.

Sales volume:     1,067,000 units (22,000 units down from October 29, 2014 forecast)
Net sales:        2170.0 billion yen (10 billion yen down)
Operating income: 135.0 billion yen (no change)
Ordinary income:  138.0 billion yen (no change)
Net income:       110.0 billion yen (no change)

About Mitsubishi Motors

Mitsubishi Motors Corporation (TSE: 7211) was established in 1970 and is one of the few automobile companies in the world that produces a full line of automotive products ranging from 660-cc mini cars and passenger cars to commercial vehicles and heavy-duty trucks and buses. The company also operates consumer financing services and provides this to its customer base. For more information, please visit www.mitsubishi-motors.com.

Source: Mitsubishi Motors

Mitsubishi Motors
Public Relations Department

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