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Mitsubishi Motors Announces Record Losses

Japanese automaker Mitsubishi Motors is reporting that fiscal year 2004 net losses have more than doubled over last year's record deficit, amid struggles to regain customer trust and build global sales.

The company announced losses for the fiscal year ending March 31 totaling $4.4 billion, compared with two billion dollars last year. The losses announced Monday were slightly worse than Mitsubishi's forecast in January.

Mitsubishi sales in Japan have fallen sharply since the company acknowledged that it had hidden defects in its vehicles for five years to avoid costly recalls. The automaker has also been hurt by offering too many loans to buyers in the United States with bad credit.

Mitsubishi's announcement contrasted sharply with record profits posted by Japan's top three motor companies, Toyota, Nissan and Honda.

Some information for this report provided by AP, AFP.