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Mazda's Quarterly Profits Slip
Mazda Motor Corp.'s October-December revenue climbed 8% to 740 billion yen ($6.3 billion) as unit sales rose 4% to 322,000 vehicles.
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Mazda Motor Corp.'s October-December revenue climbed 8% to 740 billion yen ($6.3 billion) as unit sales rose 4% to 322,000 vehicles.
But the company's operating profit declined 5% to 48 billion yen ($408 million), and net income plunged 27% to 38 billion yen ($325 million). Mazda blames higher taxes, stronger competition and a less favorable sales mix.
The weak yen contributed a windfall for the company of nearly 6 billion yen ($48 million) in the fiscal third quarter eight times what it gained from direct vehicle sales.
Mazda's unit sales in North America grew 4% to 94,000 units during the three-month period. Volume surged 13% in Europe and advanced 4% in Japan to totals of 53,000 units in each market. Sales were flat elsewhere.
The company trimmed its full-fiscal-year sales projection by 20,000 units. But it still expects demand to grow 5% to 1.40 million units.
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