Mitsubishi Motors Predicts Profit This Fiscal Year

Mitsubishi Motors Corp.—which reported a net loss of 199 billion yen ($1.7 billion) in the fiscal year ended March 31—expects to post a net profit of about 68 billion yen ($596 million) in the current 12-month period.

MMC swung to an operating profit of 5.1 billion yen ($48 million) from an operating loss of 32 billion yen in the previous year. But revenue fell 16% to 1.9 trillion yen. Net income sunk to a 199 billion-yen ($1.7 billion) loss from a 73 billion profit, the company’s worse results in 10 years.

MMC’s unit sales last year fell to 926,000 units from 1.05 million vehicles. Results were hurt by the company’s admission that it had manipulated fuel economy data for its vehicles for 20 years. The carmaker booked a charge of 166 billion yen to cover penalties stemming from the scandal.

Now under control of Nissan Motor Corp., MMC forecasts its vehicle sales in the current fiscal year will rise to about 1.3 million units. The company anticipatees operating and net profits this year of 70 billion yen and 68 billion yen, respectively.