The group net profit of Mitsubishi Motors Corp. of Japan surged 55.5 percent on yearly basis to 46.73 billion yen ($479.08 million)during April-September period, local media reported Tuesday.

According to Kyodo News, the upbeat profit was attributed to two main reasons. One is effective cost cutting and the other is the yen's weakening versus the US dollars.

Operating profit of Mitsubishi in the reporting period jumped 64.9 percent to 50.82 billion yen, while sales profit was up 8.0 percent to 929 billion yen.

For the full fiscal year through March next year, Mitsubishi Motors expects to post a group net profit of 70 billion yen, up 84. 3 percent from fiscal year of 2012, and operating profit of 100 billion yen, up 48.4 percent, on sales of 2.13 trillion yen, up 17. 3 percent.