TOKYO -- Toyota Motor Corp. and Mitsubishi Motors Corp. drove in opposite directions in Japan's fiscal first quarter.
Toyota posted record profits. Mitsubishi's net loss widened.
Toyota reported record net income of $2.64 billion from April 1 to June 30. Its net income rose 28.8 percent over the year-ago quarter.
Toyota's operating profit increased 31.6 percent to $4.14 billion. Its revenues rose 10.2 percent to $41.60 billion. Its sales grew by 12.4 percent to 1,791,968 vehicles. The automaker's revenues and profits rose in all regions of the world.
North America remained Toyota's profit center. It directly accounted for nearly 30 percent of operating profits. It also provided a large share of Toyota's profits in financial services, which shot up fourfold. In addition, the 56 percent of profits that Toyota attributed to Japan include those on exports to North America.
Operating profit in North America doubled to $1.20 billion from the year-ago period. Company officials cited higher local production and sales and reduced costs.
Toyota's operating profit in Europe increased fivefold to $285.0 million on rising local output.
The company's sales fell in Japan. But the Toyota Group's Japanese market share rose, thanks to sales by subsidiaries Daihatsu Motor Co. and Hino Motors Ltd.
Mitsubishi's results reflected weak sales. The automaker is enduring a recall scandal in Japan and worries about the company's future. DaimlerChrysler decided in April not to invest more to help bail out Mitsubishi.
Mitsubishi's revenues fell 8.1 percent over the year-ago period, to $5.14 billion. The company said its retail sales fell 11.5 percent to 338,000 vehicles. Europe was the only market where its sales rose.
Mitsubishi's operating loss in the quarter narrowed to $292.5 million from $390.1 million a year earlier. Company officials cited reduced credit losses in the United States and lower marketing costs. Mitsubishi has trimmed U.S. incentives and curtailed advertising in Japan.
The automaker's net loss in the quarter widened to $504.3 million from $471.6 million a year earlier. At the same time, Mitsubishi cut its automotive debt to $5.21 billion on June 30, from $8.02 billion on March 31.