Mitsubishi FQ4 Net Profit Down 42%

Mitsubishi Motors Corp

reported a 42% drop in its net profit for the fiscal fourth quarter. Mitsubishi's quarterly net profit declined to Y10.3 billion, from Y17.8 billion, in the year-ago period. Its sales fell 0.7% to Y514.2 billion from Y517.6 billion, while operating profit dropped 7.7% to Y25.2 billion from Y27.3 billion. In the full fiscal year, Mitsubishi's net profit climbed 53% to Y23.93 billion from Y15.62 billion. However, sales dropped 1.2% to Y1.807 trillion, from Y1.828 trillion. For this fiscal year, Mitsubishi projects a net profit of Y25 billion on sales of Y1.980 trillion.