Listen to this article
This is an experimental feature. Give us your feedback. Thank you for your feedback.
What do you think?
Shares in Mitsubishi Motors climbed as much as 6.9 per cent on Wednesday after the Japanese automaker forecast a return to profit for the current fiscal year.
The company on Tuesday reported a net loss of ¥198.5bn, booking an extraordinary loss of ¥165.5bn related to the scandal resulting from falsification of fuel economy data on at least 625,000 vehicles.
Operating profit fell 96 per cent to ¥5.1bn as net sales for the year dropped 15.9 per cent to ¥1.9tn.
But the company forecast net income of ¥68bn for the fiscal year ended March 31, 2018 and projected sales would rise 4.9 per cent to ¥2tn, with operating profit expected to rise 1,267.6 per cent to ¥70bn.
The forecasts assumed an exchange rate 0f ¥105 per dollar and ¥115 per euro.
Shares in the company had pulled back slightly as the morning session progressed to trade up 6.2 per cent at ¥751. The benchmark Topix index was up 0.2 per cent.