The Strategist

Mitsubishi Motors net loss increases 12-fold

05/12/2021 - 03:29

Japanese carmaker Mitsubishi Motors' net loss for fiscal year 2020-2021 ended March 31 rose 12 times year-on-year to 312.3 billion yen ($2.9 billion), the company said in its financial statements.

Falcon® Photography via flickr
Falcon® Photography via flickr
The financial year ended with a net loss per share of 209.88 yen ($1.9) against a loss of 17.32 yen ($0.15). The group's revenue fell 1.5 times to 1.455 trillion yen ($13 billion).

The company notes that challenging market conditions amid the coronavirus pandemic will continue into fiscal 2021. Mitsubishi forecasts revenue to rise 1.4 times to 2.1 trillion yen ($19 billion) next fiscal year. The group's profit is expected to be 10 billion yen ($91 million).

Mitsubishi Motors is part of Mitsubishi Corp., founded in 1954. The corporation owns assets in energy, metals, machinery and consumer products and has operations in more than 80 countries. Mitsubishi Corp. is headquartered in Tokyo.