Mitsubishi Pharma Corp. said Monday that its group net profit soared 229.4 percent to 8.99 billion yen in fiscal 2001 due to cost-cutting and the U.S. government's authorization of a resumption of shipments from a U.S. plant.

The company, created through the Oct. 1 merger of Welfide Corp. and Mitsubishi-Tokyo Pharmaceuticals Inc., also attributed the windfall to the effects of the merger.

It said it will spin off its blood products-manufacturing division on Oct. 1 to create Benesis Corp., a wholly owned subsidiary.