Mitsubishi Motors posts profit as new markets grow

AP News
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Posted: Aug 01, 2011 6:46 AM
Mitsubishi Motors posts profit as new markets grow

Mitsubishi Motors sprang back into the black for the fiscal first quarter as growth in emerging markets offset damage from the quake in northeastern Japan.

Mitsubishi Motors Corp. said Monday it posted a 4.3 billion yen ($55 million) profit for the April-June period, a reversal from 11.8 billion yen in red ink a year earlier.

Quarterly sales rose nearly 7 percent to 431.9 billion ($5.5 billion) from the previous year.

The Tokyo-based manufacturer of the i-MiEV electric car raised its first half forecast because of the better-than-expected quarterly numbers. But it left its annual forecast unchanged at a 20 billion yen ($256 million) profit, pointing to uncertainties in the global economy.