November 7, 2017 / 3:17 AM / 9 months ago

Mitsubishi Motors swings to operating profit in Q2

TOKYO, Nov 7 (Reuters) - Mitsubishi Motors Corp on Tuesday swung to an operating profit of 23.6 billion yen ($207.27 million) for the second quarter, from a loss posted a year ago when the Japanese automaker suffered losses due to a mileage-cheating scandal.

The jump in operating profit follows a loss of 36.2 billion yen a year ago and exceeded forecasts for 20.14 billion yen from four analysts polled by Thomson Reuters I/B/E/S. It shows an ongoing recovery from lower sales and rising costs last year.

Japan’s No.7 automaker kept its forecast for operating profit to surge 14-fold to 70.0 billion yen in the year to March, as it expects growth to continue in Asia, its biggest market, while it anticipates cost savings from its alliance with Nissan Motor Co.

Nissan last year took a controlling stake in Mitsubishi Motors after the smaller automaker admitted it had overstated the fuel economy of some of its domestic models. ($1 = 113.8600 yen) (Reporting by Naomi Tajitsu; Editing by Himani Sarkar)

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