July 24, 2018 / 8:31 AM / a month ago

Mitsubishi Motors Q1 profit jumps 36 pct, beats estimates

TOKYO, July 24 (Reuters) - Mitsubishi Motors Corp on Tuesday said operating profit rose 36 percent in its first quarter, beating estimates, as strong sales in Asia helped drive the Japanese automaker’s recovery from a domestic mileage cheating scandal in 2016.

Operating profit at Japan’s sixth-biggest automaker was 28.1 billion yen ($252.65 million) for April-June, versus 20.62 billion yen a year earlier. The result compared with a 25.9 billion yen average of four analyst estimates compiled by Thomson Reuters I/B/E/S.

Under a three-year strategy unveiled in October, Mitsubishi Motors - a member of the automaking alliance of Nissan Motor Co Ltd and France’s Renault SA - plans to boost annual global sales by 30 percent, focusing on growth in Southeast Asia, China and the United States. ($1 = 111.2200 yen) (Reporting by Naomi Tajitsu Editing by Christopher Cushing)

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