OREANDA-NEWS. Mitsubishi Motors Corporation (MMC) announced its sales and financial results for the first quarter of the 2013 fiscal year (FY) ending March 31, 2014.

MMC posted a consolidated net sales of 409.4 billion yen for the first quarter of fiscal year 2013 (April 1, 2013 through June 30, 2013), a 2% or 9.9 billion yen decrease over the first quarter of fiscal 2012, showing a decrease in wholesale volume.

MMC posted an operating income of 16.0 billion yen, a 7% or 1.1 billion yen increase over the same period last fiscal year. The increase was due mainly to favorable exchange rates as well as reductions in material and other costs which together overcame such negative factors as decreases in wholesale volume and increases in sales expenses including advertising costs.

Along with the increased non-operating income from factors including foreign exchange gains MMC posted an ordinary income of 22.3 billion yen, a 57% or 8.1 billion yen increase year-on-year. Net income for the term amounted to 16.4 billion yen, an 18% or 3.6 billion yen decrease year-on-year without the benefit of a 11.4 billion yen in extraordinary income from the sale of stock in affiliates like what was recorded in the first quarter of last fiscal year.

Global retail sales volume for the first quarter of fiscal year 2013 totaled 249,000 units, a 4% or 10,000-unit increase over the same period last fiscal year. Sales volumes by region were as follows:

Japan: Sales volume totaled 28,000 units for the quarter, a 6% or 2,000-unit decrease year-on-year. Despite a strong start by the June-released all-new eK Wagon and eK Custom minicars, sales of other models lagged; contributing to the decrease.

North America: Sales volume amounted to 23,000 units. Although sales of the Outlander Sport (RVR or ASX in some markets) in the United States (locally produced since July 2012) increased over the same period last year, sales volume in the United States was affected by last year's production termination and subsequent drop in sales of the Galant. However year-on-year sales volume increases in Canada and Mexico offset this to bring the region's overall sales volume on par with the same period last year.

Europe: Sales volume totaled 47,000 units, a 1% or 1,000-unit increase year-on-year. Despite a decrease in total automobile demand in western Europe, year-on-year sales were boosted by the introduction of the all-new Outlander and Space Star/Mirage models, contributing to the overall year-on-year increase in the region. In addition, sales for the quarter in areas outside of western Europe remained on par with the same period last fiscal year.

Asia & Other Regions: Sales volume came to 151,000 units, a 9% or 11,000-unit increase year-on-year. In Thailand, the government's "first-car buyer" program came to an end at the end of last year, negatively affecting sales in the country and contributing to an overall year-on-year decrease for the ASEAN region. On the other hand all other areas outside of ASEAN (North Asia, Australia & New Zealand, Latin America, the Middle East & Africa) achieved year-on-year increases which contributed to the overall increase for the region.