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Mazda Cuts Outlook Again as Profits Drop
Mazda Motor Corp., which exports 80% of the vehicles it makes, predicts the strengthening yen will cut its operating and net profits 34% and 26%, respectively, in the fiscal year ending next March 31.
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Mazda Motor Corp., which exports 80% of the vehicles it makes, predicts the strengthening yen will cut its operating and net profits 34% and 26%, respectively, in the fiscal year ending next March 31.
The company reports its net profit in April-September plunged 36% to 56 billion yen ($54 million). Operating profit dropped 30% to 88 billion yen ($855 million). Revenue for the period shrank 9% to 1.5 trillion yen ($15 billion).
Mazda’s quarterly retail sales for the period advanced to 400,000 vehicles from 375,000 during the same period a year earlier. The company expects 12-month sales will total 1.55 million units compared with 1.53 million in the previous fiscal year.
But Mazda, which had already lowered its full-year outlook once before, now forecasts an operating profit of 150 billion yen ($1.4 billion) and net income of 100 billion yen ($969 million) for the current fiscal year compared with last year’s 227 billion yen and 134 billion yen, respectively.
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