DailyTimeCapsule brief
November 13, 2002
On November 13, 2002, Mitsubishi Corporation reported a significant turnaround by posting a profit for the first time in several years, signaling potential recovery for Japan's economy, which had been struggling with stagnation since the 1990s. In a related announcement, Japan Telecom also returned to profitability, reflecting a broader trend of improvement among Japanese corporations during a period marked by economic recovery efforts following the asset bubble collapse. Globally, the economic environment was cautious but improving, as countries began to stabilize following the immediate impacts of the September 11 attacks and the subsequent economic downturn. This day stands out as a marker of resilience in the Japanese corporate sector, indicating a shift towards renewed economic vitality.
Key developments
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Mitsubishi Motors has reported a profit of 6.6 billion yen, equivalent to approximately $55 million, for the six-month period that ended on September 30. This marks a significant recovery from the previous year, where the company suffered a loss of 31.5 billion yen during the same period in 2001. The company's sales also saw a notable increase of 5.6 percent, indicating a positive trend in its financial performance amidst a challenging automotive market.
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Japan Telecom Holdings Co, under Vodafone's ownership, achieved a significant financial recovery, reporting a profit of 43.5 billion yen ($363 million) for the six months ending in September. This marks a notable shift from the previous year's loss of 5.2 billion yen, showcasing the company's successful strategies in cost management and service enhancement. Additionally, the company experienced a 4.1 percent increase in sales, further demonstrating its rebound in a competitive telecommunications market.
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Footlights
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