Mitsubishi profits triple

Mitsubishi profits for the fiscal year tripled to £193m – thanks to cost cuts and growing sales in the US offsetting its money-losing Japan operations.

Sales totalled £20bn - up 22 per cent and the first sales growth in five years. Even with adjustments for accounting changes that boosted sales, the growth translated to an 8 per cent climb from 2001, the company says.

Chief executive Rolf Eckrodt said the turnaround under a partnership with DaimlerChrysler remains on track, although he acknowledged some uncertainties, such as the SARS outbreak which is expected to hurt regional growth.