Cost cuts boost Mitsubishi profits

Japanese car giant Mitsubishi said today that its second-quarter net profit improved 60% to 10.1 billion yen on cost cuts, but lowered its projection for China, where a bitter territorial dispute is sending sales plunging.

The company, which reported a 6.3 billion yen profit for the July-September period last year, is among the Japanese car firms making a solid recovery after last year’s earthquake and tsunami disaster that disrupted supply chains. The floods in Thailand that followed added to production woes.