April 25, 2013 / 7:15 AM / 5 years ago

Mitsubishi Motors books record $382 mln net profit in FY 12/13

TOKYO, April 25 (Reuters) - Mitsubishi Motors Corp’s net profit rose 58.7 percent year-on-year to hit a record of 38.0 billion yen ($382.4 million) in the financial year ended March, helped by the yen’s rapid depreciation, cost cuts and Japan’s green car subsidies.

It booked a 26.5 billion yen operating profit for the quarter ended in March, a 5.2 percent rise year-on-year.

In the current financial year ending March 2014, it expects to book 100 billion yen in operating profit.

Japan’s seventh-biggest automaker by sales volume has been embroiled in several recalls, and was warned by the transport ministry this week that it needed to act more quickly to deal with problems require vehicle recalls.

President Osamu Masuko told reporters on Thursday that the company will set up a committee to improve quality control.

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