JAPAN: Mitsubishi triples group net profit
Due to substantial cost cutting and strong sales, Mitsubishi Motors tripled group net profit for the year ended March 31 to 37.4 billion yen ($US319 million), up from 11.3 billion yen in the previous year, Dow Jones Newswires reported. The newswire said group sales increased 21% to 3.885 trillion from 3.201 trillion yen in the previous year as earnings for the 15 months ended March at its overseas affiliates were included and noted that Mitsubishi changed the fiscal year at consolidated affiliates overseas to April-to-March from the calendar year in order to synchronise reporting cycles with the parent firm. If the change in period at affiliates is discounted, sales grew 8%, the report said.
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