The positive result was thanks to cost-cutting and rising vehicle sales at home and in Europe,
Japan's fourth-largest carmaker said it made an operating profit of 6.8 billion yen (£33 million), reversing the year-earlier loss of 128.5 billion (£625 million).
Mitsubishi cut its net loss to 92.2 billion yen (£449 million) from 474.8 bln (£2.3bn), still wider than what it had expected due to weak North American operations.
"As sales in Europe and Japan are now improving, I think we were on the right track in the first year of our three-year turnaround plan," Mitsubishi Motors chief financial officer Hiizu Ichikawa said at a news conference.
In January, Mitsubishi projected full-year net loss of 64 billion yen (£311 million) and operating loss of 14 billion (£68 million) on revenue of 2.22 trillion (£10.8 billion).
"Given the continued struggle in the North American business, we took necessary accounting treatment there to eliminate any hidden future risks," said Ichikawa, explaining the bigger than expected net loss.