Mitsubishi Motors' full-year profit slumps 89%

TOKYO (Reuters) – Mitsubishi Motors Corp (7211.T) on Tuesday posted an 89% drop in annual operating profit in the year ended March as the Japanese automaker took a hit from falling vehicle sales as the coronavirus pandemic takes its toll on global demand for cars.

Profit came in at 12.8 billion yen ($119.21 million) for the year just ended, down sharply from 111.8 billion yen a year ago. Still, it exceeded a consensus estimate of 9.4 billion yen profit drawn from 15 analysts polled by Refinitiv.

Mitsubishi, one of Japan’s smaller automakers, declined to give an earnings forecast for the current business year, as it wait to get a better view of the longer term impact of the coronavirus on its operations and sales.

($1 = 107.3700 yen)

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