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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Mitsubishi Motors bleeds red ink AFP - Friday, July 31 TOKYO (AFP) - - Japan's Mitsubishi Motors Corp. said Thursday it remained in the red in the fiscal first quarter as the global economic slump battered demand, but said it expected to return to profit this year. ADVERTISEMENT Japan's fourth-largest automaker posted a net loss of 26.4 billion yen (278 million dollars) for the April-June period, against a year-earlier profit of 10.3 billion yen, a company statement said. Cost cuts failed to return the company to the black after a big loss in the year to March, as a stronger yen and plunging sales ate into profitability. Revenue more than halved to 259.1 billion yen from 610.1 billion, saddling the company with an operating loss of 29.6 billion yen, compared with a profit of 9.9 billion yen a year earlier. "Repercussions from the financial crisis are continuing but compared to before they are generally abating," said Kazuya Matsushita, a senior financial official at the automaker. Global sales tumbled 32 percent to about 213,000 vehicles due to weaker demand in key markets such as North America, Europe and Japan, but also in Asia, the company said. Sales increased in China and the Philippines, but overall demand declined in Asia, a region on which Japanese makers are pinning most of their recovery hopes. Despite the lacklustre results, the maker of the Pajero SUV kept its annual forecast unchanged from April, predicting a net profit of five billion yen and operating profit of 30 billion yen. The carmaker said it will raise about 75 billion yen beginning Friday through syndicated loans from 29 banks for investment in new vehicles. "We expect that we will be able to procure the necessary funds for operations," said Matsushita. Last month MMC rolled out the electric "i-MiEV" minicar as it seeks to capture a slice of the fast-growing market for environmentally friendly cars and take a lead in zero emission vehicles. Japanese automakers have taken a beating from the global financial crisis, but have said they see glimmers of hope for a recovery thanks to government incentives and growing popularity of fuel-efficient cars. Honda Motor Corp on Wednesday said net profit dived 95.6 percent in the April-June period while rival Nissan, which is axing 20,000 jobs to cope with the global economic crisis, logged a net loss of 16.53 billion yen. Email Story IM Story Printable View Blog This Sign in to recommend this article » 0 users recommend Related Articles: Business China to cut fuel price by 3%: govtAFP - Wednesday, July 29 Canon's profits plunge in first-halfAFP - Wednesday, July 29 Putnam cuts fund fees, restructures pricingAP - Wednesday, July 29 IBM to acquire SPSS for $1.2BAP - Wednesday, July 29 China to ban violent online gamesAP - Wednesday, July 29 Enlarge Photo Mitsubishi Motors bleeds red ink Related Photos Slideshow Full Photo Coverage: Business & Economy Most Popular – Business Viewed Doctor gave Jackson drug that killed him: CNN Police raid Vegas home of Jackson doctor Sunbeds elevated to top cancer risk level: WHO Lost love letter reunites couple after 16 years Ex-boxing champ Forrest shot in back and killed View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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