Mitsubishi Motors Corporation (MMC) reported full fiscal year 2017/8 sales up 15% year on year to JPY2.19 trillion.
Operating profit rose sharply to JPY98.2bn, for an operating margin of 4.5%, compared with JPY5.1bn in FY2016.
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Net profit of JPY107.6bn reversed last year's net loss of JPY198.5bn.
Global sales volume rose 19% to 1,101,000 units.
ASEAN sales increased 33% to 275,000 units, driven by orders for pickup trucks in Thailand and the strong performance of the new Xpander MPV, launched in Indonesia last September.
China sales rose 55% to 136,000 units due to demand for the locally assembled Outlander.
Sales in Japan increased 23% to 98,000 units. The growth was driven by encouraging demand for Kei car models, the Delica D:5 van and other Active Gear series.
CEO Osamu Masuko said: "In FY2017, the first year of the mid-term business plan (MTP), we were able to make a good start, achieving the targets which were even revised upward during the fiscal year."
MMC forecast global sales in fiscal year 2018 would increase 14% to 1.25m units. Regionally, growth would be driven strongly by ASEAN and by China in which production capacity would be increased by the local joint venture and the dealer network would be enhanced. Sales recovery in Japan will also help growth.
Sales were projected to rise 9% year on year to JPY2.40 trillion. Based on the exchange rate assumptions that reflect a more severe market environment than the previous year, MMC expects to achieve operating profit of JPY110.0bn (4.6% operating margin) and net income of JPY110bn.
