Mitsubishi Posts Record Operating Profit

By Matthew Askari | April 24, 2014
Mitsubishi nearly doubled its operating profit to a record of $1.2 billion for the fiscal year ending in March, much to the surprise of many in the U.S. market. The figures are for Mitsubishi's global operating profits, and they show Mitsubishi sales rose in most markets in the previous year. In the U.S., buoyed by sales of the Mitsubishi Outlander Sport SUV, the Japanese automaker expects to see continued sales growth. The automaker is also aided by the weaker Japanese yen, which makes exporting cars to markets like the U.S. more appealing. Mitsubishi looks to continue its crossover strategy, having recently shown 3 new concepts at the Tokyo Motor Show late last year. Sales in Thailand however are down 40 percent, in part because of the ongoing political crisis, but also because of discontinued subsidies. According to a recent Automotive News report, Mitsubishi expects Thai sales to rebound later this year with the launch of a remodeled version of its best-selling pickup truck, the Mitsubishi Triton.
"We expect our business in ASEAN (Association of Southeast Asian Nations) to be fairly smooth this financial year and the region will continue to serve as a pillar to our profits," Mitsubishi President Osamu Masuko said at a news conference Thursday. After paying shareholders back for a 2004 bailout, Mitsubishi will also pay out a dividend for the first time in 16 years. Source: Automotive News (subscription may be required)