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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 slips into red but sees return to black AFP - Tuesday, April 28 TOKYO (AFP) - - Japan's Mitsubishi Motors Corp. said Monday it fell into the red in the last financial year due to a sharp fall in sales and a stronger yen, but it forecast a return to profit this year. ADVERTISEMENT Japan's fourth-largest carmaker reported a net loss of 54.9 billion yen (566 million dollars) for the year to March, a turnaround from a profit of 34.7 billion yen in the preceding year. Operating profit plunged 96.4 percent to 3.9 billion yen as revenue fell 26.4 percent to 1.97 trillion yen. The automaker said the business environment remained tough but it was starting to see some signs of an improvement. "We believe that conditions will remain severe but compared to the beginning of this year, we are gradually starting to see a bottom," Mitsubishi Motors president Osamu Masuko told reporters. The company forecast an operating profit of 30 billion yen and a net profit of five billion yen for this business year. Mitsubishi, which makes the Pajero SUV, saw global sales fall 22 percent last year, as even once-booming markets like Russia and Ukraine cooled. The group said it hoped to counter a slump in European and US sales by focusing on more promising emerging markets such as China, Brazil, Indonesia, Kazakhstan, the Philippines, Malaysia and the Middle East. The company forecast a 13 percent fall in global sales in the current year to March as demand worsens in North America and Europe. But it expects sales to pick up in Japan due to government incentives to spur demand. "While auto demand in Japan remains in a severe situation, we believe that government tax cuts for eco-cars and incentives to scrap (older cars) will energise the domestic market," said Masuko. Mitsubishi Motors aims to be a world leader in zero-emission electric vehicles. It will roll out the electric i-MiEV vehicles to fleet customers in Japan in July this year and to retail customers next year. While the company is less exposed to US markets than some Japanese rivals, it said that uncertainty over the fate of the Detroit auto giants meant that the outlook for the global industry remained murky. "A quick resolution to America's auto problems would have a huge impact psychologically as well as on the broader economy," Masuko told reporters. The company earlier this year decided not to renew a deal for Chrysler to manufacture its Raider pickup truck in the United States due to weak sales. Mitsubishi Motors shares ended up 3.36 percent at 154 yen. Email Story IM Story Printable View Blog This Recommend this article 0 users recommend Sign in to recommend this article » Most Recommended Stories » Related Articles: Business Southwest Airlines to add link to Mexico's VolarisAP - 32 minutes ago Qualcomm lifts outlook, but posts loss on settlementReuters - 33 minutes ago FACTBOX-Why does the auto industry matter?Reuters - 35 minutes ago XenoPort's diabetic pain drug fails in mid-stage trialReuters - 41 minutes ago Pork futures sink; Agriculture futures tumbleAP - 48 minutes ago Enlarge Photo Mitsubishi slips into red but sees return to black Related Photos Slideshow Full Photo Coverage: Business & Economy Most Popular – Business Viewed Obama dominates in first 100 days 'Golden Girls' Beatrice Arthur, dead at 86 Button extends title lead with Bahrain GP win Swine flu spreads economic shivers Charred meat linked to pancreatic cancer risk 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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