Thu, 21 Oct 2021 Today's Paper

Mitsubishi Motors suffers 2Q loss, mileage scandal slashes sales

1 November 2016 12:00 am - 0     - {{hitsCtrl.values.hits}}

A A A

 

REUTERS: Mitsubishi Motors Corp last week reported its first quarterly operating loss in nearly six years as the Japanese automaker struggles to recover from a slump in domestic sales after admitting to overstating the fuel economy on its vehicles.
Japan’s sixth-largest car maker by vehicle sales posted a 36.2 billion yen (US $343.62 million) operating loss in the September quarter, its first loss since the June 2010 quarter.
This resulted in a half-year loss of 31.6 billion yen, in line with a downgraded forecast for a loss of 32 billion yen issued last week.
Mitsubishi expects to post an operating loss of 27.6 billion yen in the year to March, as it makes provisions to cover quality-related issues and takes a hit from a stronger yen.
The company anticipates this will result in an annual net loss of 239.6 billion yen, plunging the company deeper into the red than previously forecast.
Mitsubishi’s mileage scandal has dealt a blow to the company, tarnishing its brand and wiping out nearly 40 percent off its share price since April, when the issue surfaced.
The company will join the Nissan-Renault alliance after Nissan last week completed a deal to take a 34 percent controlling stake in Mitsubishi in a 237 billion yen deal, and pledged it would help its smaller rival to recover from the scandal. 

 

See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

  Comments - 0

See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

 


Add comment

Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.

Reply To:

Name - Reply Comment




See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

 


Spotlight on Attorney General’s Department and Public Service Commission

Certain acts by the Attorney General’s Department and the Public Service C

How a 19-year-old TikToker is helping bring back the Woolly Mammoth!

A young TikTok star and his friends are helping an ambitious gene editing pro

Unmasking Sri Lanka’s Pyramid Parasites

A Financial Cancer Spreading Through Sri Lanka Again...

Writing Letters to Michele Bachelet Causes Turmoil Within the TNA

The Tamil National Alliance(TNA) is currently in a state of great turmoil. Th