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Mitsubishi Motors issues no earnings guidance amid mileage cheating scandal

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Mitsubishi using false mileage tests since 1991
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Mitsubishi Motors Corp on Wednesday issued no earnings guidance for this financial year, as it typically does when reporting annual results, given uncertainty over the fallout from a ballooning mileage cheating scandal.

A day earlier, Japan's sixth-largest automaker said it used fuel economy testing methods that did not comply with Japanese regulations for 25 years, much longer than previously known and intensifying concern about potential compensation costs and fines.

Operating profit for the financial year that ended in March inched up 1.8 percent to 138.4 billion yen ($1.2 billion), above an average prediction of 129.62 billion yen from 15 analysts surveyed by Thomson Reuters I/B/E/S/.

Pedestrians walk past the headquarters of Japanese automaker Mitsubishi Motors in Tokyo, Japan.
Yoshikazu Tsuno | AFP | Getty Images

Revenue rose 4.0 percent to 2.27 trillion yen.

Mitsubishi admitted last week to manipulating test data for four domestic mini-vehicle models, including two it produced for Nissan Motor Co, and has also said that more models may have used tests non-compliant with Japanese standards.

It said it would announce earnings forecasts for the current year as soon as it can gauge the impact from the improper mileage data calculations.

Pedestrians walk past the Mitsubishi Motors Corp. headquarters in Tokyo, Japan, on Thursday, April 21, 2016. Mitsubishi Motors' disclosure that it manipulated fuel-economy tests has seen its share prices plunge in recent sessions.
Mitsubishi Motors says it did false mileage tests since 1991
Pedestrians walk past the Mitsubishi Motors Corp. headquarters in Tokyo, Japan, on Thursday, April 21, 2016. Mitsubishi Motors' disclosure that it manipulated fuel-economy tests has seen its share prices plunge in recent sessions.
Cheating scandal may force Mitsubishi to skip earnings forecast: Source
Mitsubishi Motors President Tetsuro Aikawa bows during a press conference on April 20, 2016 in Tokyo, Japan. Mitsubishi Motors share plunged more than 15% after the Japanese car maker announced it has mishandled the fuel economy test data.
Mitsubishi fuel economy cheating a reminder of 2000 safety scandal