Cost cutbacks boost Mitsubishi earnings

TOKYO: Mitsubishi Motors posted its first quarterly profit in more than a year, bolstered by cost cuts and recovering auto demand worldwide.

The Japanese maker of the Galant sedan and Outlander SUV yesterday reported a net profit of 10.7 billion yen ($118.3 million) for the October-December quarter, a turnaround from a year-earlier loss of 17.5 billion yen.

The result marked its first net profit since July-September 2008.