Mitsubishi Motors Corporation
(MMC) has had to pay for the wrong it had done on the fuel economy tests as it
has recorded extraordinary loss in its consolidated and non-consolidated
financial results for 2015 fiscal year ended March 31, 2016.
According to a press release, the company recorded an extraordinary
loss of 19.1 billion yen (US $ 173.63 billion- approx. Rs 1170.4 crore) as
"loss on fuel economy test" in the financial results for the 2015
fiscal year ended March 31, 2016.
The release stated that as
announced on April 20, 2016, MMC discovered that in connection with the
certification process for the mini-cars manufactured by MMC and regarding the
fuel consumption testing data submitted to the Ministry of Land,
Infrastructure, Transport, and Tourism, MMC conducted testing improperly to
present better fuel consumption rates than the actual rates.
“As the internal testing process was still
ongoing with four mini-cars in question at the time the 2015 fiscal year
financial results were announced on April 27, an estimation for the consequent
extraordinary loss could not be determined. However, now the results from the
internal testing are available; therefore based on those results MMC has
estimated a portion of the loss from this issue and recorded an extraordinary
loss of 19.1 billion yen as "loss on fuel economy test" in the
financial results for the 2015 fiscal year ended March 31, 2016,” the note read.
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