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03/07/2008 19:34. The Japanese auto company expects its net income to drop 42% this fiscal year because of higher raw material costs and a stronger yen

Mitsubishi Motors on Thursday reiterated its earnings forecast for the year as the company focuses on cost cuts to help mitigate the impact from rising steel and oil prices. The Japanese auto company expects its net income to drop 42% this fiscal year because of higher raw material costs and a stronger yen.

The company said in April that its net income may fall to 20bn yen (US$189mn) for the year ending March 31, 2009 from 34.7bn yen a year earlier. Global sales may fall 4% to... // India Infoline.com