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To: StanX Long who wrote (63652)	5/13/2002 1:40:28 AM
From: StanX Long	Read Replies (1) \| Respond to of 70976

Mitsubishi Motors hits profit for first time in three years By Edwina Gibbs Monday May 13, 12:17 PM sg.biz.yahoo.com TOKYO (Reuters) - Japan's fourth-largest automaker Mitsubishi Motors Corp took a U-turn last business year, getting back into profit for the first time in three years. Consolidated net profit for the year that ended on March 31 came in at 11.26 billion yen ($88.23 million) compared with a loss of 278.14 billion yen the previous year, it said on Monday. Aggressive cost-cutting, a soft Japanese currency and solid U.S. sales offset a battering at home brought on by a paucity of products and the effects of a cover-up of customer complaints. "The result shows the speed of our restructuring, but it is only a first step. We will now move steadily from cost reduction and process optimisation into further business consolidation and profitable growth in the years to come," Mitsubishi chief operating officer Rolf Eckrodt said in a statement. Mitsubishi <7211> said it had already reduced headcount by 9,100 compared with a target of 9,500 by March 2004.