Mitsubishi Motors Corp ( (MMTOF) ) has released its Q3 earnings. Here is a breakdown of the information Mitsubishi Motors Corp presented to its investors.
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Mitsubishi Motors Corporation, a key player in the automotive industry, is listed on the Tokyo Stock Exchange’s Prime Market and specializes in the production and sale of motor vehicles and related financial services. The company recently released its financial results for the third quarter ending December 31, 2024, under Japanese GAAP, showing a challenging market environment.
The company reported net sales of ¥1,989.3 billion for the third quarter, a decrease of 3.6% compared to the same period last year. Operating income also saw a significant drop of 34.7% to ¥104.6 billion, and ordinary income fell by 52.7% to ¥78.5 billion. The net income attributable to owners of the parent was ¥33.2 billion, down 67.7% year-on-year.
Despite a 7% increase in global vehicle sales to 624,000 units, Mitsubishi Motors’ financial performance was dampened by slower-than-expected market recovery and intensified price competition. The automobile business reported a decrease in net sales and operating profits, while the financial service segment showed a slight increase in both metrics. The company’s total assets decreased, with a notable reduction in cash and deposits.
Looking forward, Mitsubishi Motors has revised its full-year forecast to reflect ongoing market challenges, including lower-than-expected sales volumes and increased selling expenses due to inflation and competitive pressures. The company remains focused on navigating these hurdles with strategic adjustments to its operations.
