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Mitsubishi Motors sees 100 billion yen loss this year
Tokyo, May 20: Mitsubishi motors, Japan`s sole unprofitable carmaker, will lose at least 100 billion yen (885 million dollar) this fiscal year, matching last year`s result, on costs for cutting staff and closing production lines, according to two executives of the Mitsubishi group.
Tokyo, May 20: Mitsubishi motors, Japan's sole
unprofitable carmaker, will lose at least 100 billion yen
(885 million dollar) this fiscal year, matching last year's
result, on costs for cutting staff and closing production
lines, according to two executives of the Mitsubishi group.
Mitsubishi motors will tomorrow release results for the
business year in Tokyo. It will also unveil a revival plan set
to total as much as 450 billion yen, aiming to break even or
return to profit by the year starting April 1, 2005.
The size of the projected loss underscores the
difficulties facing the Mitsubishi group, one of Japan's
biggest conglomerates with businesses from aerospace to real
estate, as it tries to turn around the nation's fourth-biggest
automaker by unit sales.
Daimlerchrysler AG, now the largest shareholder of
Mitsubishi motors, last month balked at giving fresh funds to
the revamp plan, leaving the Tokyo-based carmaker to appeal to
group companies for aid.
Mitsubishi Heavy, Mitsubishi Corp. and Bank of Tokyo-
Mitsubishi ltd., the automaker's three biggest Japanese
shareholders, will each hold a board meeting today to approve
Mitsubishi Motors's reorganization plan.
Bureau Report