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Mitsubishi Motors profit improves on cost cuts

Dunya News

Mitsubishi Motors Corp. had reported a 6.3 billion yen profit for the July-September period.

Mitsubishi Motors fiscal second-quarter net profit improved 60 percent to 10.1 billion yen ($126 million) on cost cuts as the Japanese automaker recovered from last years disaster despite lagging sales.Mitsubishi Motors Corp. had reported a 6.3 billion yen profit for the July-September period the previous year.Quarterly sales dipped 7 percent to 440.7 billion yen ($5.5 billion) as a strong yen and economic woes in Europe added to the damage, the Tokyo-based manufacturer said Tuesday.Mitsubishi stuck to its profit forecast for the full fiscal year at 13 billion yen ($162 million), down 46 percent from the previous year.It lowered its sales projection to 1.83 trillion yen ($22.9 billion) from an earlier 1.98 trillion yen ($24.8 billion), which will mark a 1 percent rise on year.