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Mitsubishi Motors halves full-year profit outlook

Published on Jul 30, 2012 3:20 PM

TOKYO (AFP) - Mitsubishi Motors on Monday halved its full-year profit forecast due to the impact of selling a Dutch factory, but the Japanese automaker said its latest quarterly earnings surged.

The nation's sixth-biggest automaker by sales said it now expected to earn a net profit of 13 billion yen (S$207 million) in the fiscal year through March 2013, down from an earlier forecast of 25 billion yen.

Mitsubishi said the change was "due to the effect of an impending sale of all holdings in Netherlands Car".

Mitsubishi said earlier this month it would book a one-time loss from the sale of its sole European plant to a Dutch industrial group for one euro in a deal that calls on the buyer to keep 1,500 jobs at the facility.

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