Mitsubishi Motors said Wednesday that its annual profit more than tripled, fueled by growth in emerging nations and the popularity of new models, but the automaker said its earnings outlook is clouded by uncertainty after Japan’s earthquake and tsunami.
Mitsubishi said net profit for the fiscal year ended March 31 increased 228% to 15.6 billion yen from 4.7 billion yen the previous fiscal year. Sales were up 27% to 1.828 trillion yen.
Mitsubishi said sales grew 18% to 629,000 vehicles in its market segment that includes China, Brazil and other rapidly developing economies, thanks largely to demand from first-time drivers.
Sales increased by 29% to 218,000 vehicles in Europe and by 7% to 94,000 in North America, Mitsubishi said. The company attributed that growth to the success of its RVR compact crossover.
Mitsubishi did not provide an earnings outlook for the current fiscal year, explaining that the March 11 disasters would have a yet unknown impact on the availability of parts.
Most Japanese automakers are making cars at far less than full capacity because of component shortages.