Mitsubishi Motors expects $240 million in yearly losses

Japan’s Mitsubishi Motors expects an annual net loss of $240 million because of the impact of the coronavirus pandemic on sales, the automaker said Friday.

The firm, which operates in alliance with Nissan and Renault, had earlier projected a 5 billion yen ($46.5 million) profit for the fiscal year through March.

But it said revenues had been hammered by “further decline in global automotive demand and the impact of the spread of Covid-19” in a statement that also slashed operating profit forecasts by 60 percent to 12 billion yen.

Company chief Osamu Masuko and other executives will take a pay cut of up to 30 percent, the company said.

The automaker is scheduled to announce its full-year earnings next month.

The pandemic has also forced major airlines to slash their annual forecasts as worldwide lockdowns introduced to help contain the virus crippled travel demand.

Japan Airlines on Wednesday said it cut net profit forecast by 43 percent while rival carrier ANA slashed its annual net profit forecast by 71 percent.

More than 2.7 million people have suffered Covid-19 infections including more than 190,000 deaths, with nearly two-thirds of the fatalities in Europe. – AFP

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest News

Petronas Dagangan Berhad becomes first LNG solution provider for off-grid customers in Peninsular Malaysia

Following the launch of the Virtual Pipeline System (VPS) solution via the Regasification Terminal (RGT) in Pengerang, Johor, Petronas Dagangan Berhad (PDB)...

Huawei Malaysia signs MoU with Serba Dinamik to establish Smart Campuses in Malaysia

Huawei Technologies (Malaysia) Sdn. Bhd. (Huawei) and Serba Dinamik Group Berhad (Serba Dinamik) have teamed up to explore and develop innovative digital...

Shopee finds demand for premium and branded segment multiplied by over 300 times since 2015

E-commerce platform, Shopee has seen growing confidence and comfort in purchasing premium and branded items priced RM3,000 and above in addition to...

Social Enterprise Education Lab showcases journey of teams in 1st cohort

Social Enterprise Education Lab (SEEd.Lab), a programme developed by Petroliam Nasional Berhad (PETRONAS) and Tata Consultancy Services (TCS), marked its first Open...

HSBC Malaysia bags 2 accolades in Malaysia Technology Excellence Awards 2020

The Malaysia Technology Excellence Awards laud exceptional companies who are leading the technological revolution and digital journeys of their respective industries to...

Must read

Affordable rent-to-own scheme for the youth of B40

By Sofea Azahar, In addressing the issue of housing affordability and ownership within the youth in low-income group...

The pandemic push to pivot: The reality of a renewable energy leader

By Ko Chuan Zhen, Chief Executive Officer & Co Founder of Plus Solar, The pandemic was an acid test...

Empowering Malaysians to become informed investors one app at a time

With a goal to build 500 applications that focuses on enabling action, Reactive Labs, co-founded by George and Riza, aims to go...

Bigo Live: A growing sensation in an industry with a big appetite

The live-streaming industry has seen a massive growth in years. From the likes of Vimeo to Facebook Live, the industry has grown...