Mitsubishi Motors has raised its group net profit forecast for the fiscal year to 31 March 2013 to JPY38bn yen from JPY3bn.

The carmaker attributed the upward revision to a foreign exchange gain of JPY18.8bn driven by the yen’s weakness against other major currencies.

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Mitsubishi now expects an operating profit of JPY67.4bn, instead of the initial projection of JPY64bn, on sales of JPY1,815.1bn, up from JPY1,810bn, amid brisk demand in the southeast Asian market.

The company said it gains about JPY2bn in operating profit with every JPY1 drop against the US dollar.

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