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Mitsubishi Motors' first-quarter profit tumbles 75 percent after mileage-cheating scandal

Reuters

TOKYO (Reuters) - Mitsubishi Motors Corp (7211.T) on Wednesday reported a 75 percent plunge in first-quarter operating profit as domestic sales slumped after it admitted to overstating the fuel economy of some of its vehicles.

Japan's sixth largest car maker by vehicle sales posted an operating profit of 4.6 billion yen (£33.3 million) in April-June, compared with a SmartEstimate loss for 140 million yen from five analysts surveyed by Thomson Reuters I/B/E/S/.

Mitsubishi stuck with its forecast for an annual net loss of 145 billion yen for the year to March as the fallout from the mileage-cheating scandal drags down operating profit by a whopping 82 percent.

The company said it booked an extraordinary loss of 125.9 billion yen in the first quarter as a result of the cheating.

(The story was refiled to correct the last paragraph to say the loss was booked in the first quarter, not a full-year forecast)

(Reporting by Naomi Tajitsu; Editing by Muralikumar Anantharaman)