Japanese automaker Mitsubishi Motors on Tuesday posted its first interim operating profit in five years on brisk overseas sales and a weak yen, which boosted its export earnings.
The group also more than halved its net losses in the fiscal first half from a year earlier as it continues to recover from several years of slumping sales caused by a series of defect cover-up scandals.
Net losses shrank to 5.6 billion yen (49 million dollars) in the six months to September from 16.1 billion a year earlier, a company statement said.
Operating profits came to 18.8 billion yen, compared with a loss of 5.5 billion yen in the same period of the previous year.
The results beat the automaker's own forecasts in September for a first-half net loss of 15 billion yen and an operating profit of 15 billion.
"Factors contributing to the improvement included the weaker yen, but a more profitable model mix and higher sales volume played a larger role," the automaker said.
Sales jumped by 30.6 percent to 1.31 trillion yen, helped by rising overseas sales -- including supplies of sport utility vehicles to French carmaker PSA Peugeot Citroen -- which offset a sluggish domestic market.
Mitsubishi Motors sold 690,000 vehicles in the first-half period, up 15 percent from a year earlier.
But the Japanese market "has shown no signs of recovery" with sales slumping 12 percent to 101,000 vehicles, it said.
Elsewhere, sales rose 17 percent in North America, 18 percent in Europe and 25 percent in the rest of Asia and other regions.
The automaker raised its forecast for annual operating profit to 70 billion yen, up 74 percent from a year earlier and 37 percent higher than a previous target.
The company left unchanged its forecast for net profit to more than double to 20 billion yen from the previous financial year, when it made its first annual net profit in four years thanks to a strong second half performance.
