TOKYO - Mitsubishi Motors Corp. said Monday it is expecting a group net loss of 360 billion yen for the current business year through March, its biggest loss in 16 years, due to slowing global sales following the novel coronavirus pandemic.
The projected net loss for fiscal 2020 would be bigger than the previous year's 25.78 billion yen and also the largest since fiscal 2004, when it recorded red ink of 474.79 billion yen after incurring massive recall costs. For the first quarter ended last month, Mitsubishi Motors posted a combined net loss of 176.16 billion yen, compared with a net profit of 9.31 billion yen for the same period a year earlier. Its operating loss stood at 53.34 billion yen, a turnaround from a profit of 3.86 billion yen, on sales of 229.55 billion yen, down 57.2 percent.
"We're facing a severe business environment that we've never experienced ," CEO Takao Kato said in an online press conference
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