Japanese auto giant Mitsubishi Motors is preparing for a sharp decline in profits for the current financial year, Interfax reports with reference to company's financial statements. Mitsubishi Motors' profit is expected to be 35 billion yen ($225 million). This will mark a significant drop from the previously projected 144 billion yen. If this new forecast proves accurate, profits could fall by 77.4 percent compared to last year’s figures. Mitsubishi also expects to sell 848,000 vehicles this financial year, down from its previous target of 895,000 units. Over the past three quarters, the company’s net profit has already fallen by 67.7 percent.