You are here

Mitsubishi Motors to forecast annual net loss of 140b yen

Wednesday, June 22, 2016 - 10:53
38811791 - 22_06_2016 - MITSUBISHI-OUTLOOK_.jpg
Mitsubishi Motors Corp is likely to forecast a net loss of around 140 billion yen (S$1.75 billion) for this business year, Jiji Press reported, as it faces hefty compensation costs and falling sales in the wake of a mileage-cheating scandal.

[TOKYO] Mitsubishi Motors Corp is likely to forecast a net loss of around 140 billion yen (S$1.75 billion) for this business year, Jiji Press reported, as it faces hefty compensation costs and falling sales in the wake of a mileage-cheating scandal.

Mitsubishi, Japan's sixth-largest automaker, is scheduled to announce its projections for the year to March 2017 at 3pm Tokyo time (0600 GMT) on Wednesday.

The company admitted in April to overstating the mileage on four of its minivehicles, including two models it produced for Nissan Motor - problems it blamed on competitive pressures and poor oversight.

The loss would follow a 39 per cent fall in net profit to 72.6 billion yen in the past business year, when Mitsubishi booked a special loss of 19.1 billion yen related to the mileage manipulation.

REUTERS

Powered by GET.comGetCom