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Mazda’s Earnings Drop 43%
Mazda Motors Corp. says supply disruptions, costly sales incentives and unfavorable exchange rates resulted in 43% lower operating profit and net income for the fiscal year ended March 31.
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Mazda Motors Corp. says supply disruptions, costly sales incentives and unfavorable exchange rates resulted in 43% lower operating profit and net income for the fiscal year ended March 31.
The carmaker’s annual operating profit fell to 83 billion yen ($758 million), and net income dropped to 63.5 billion yen ($580 million).
Revenue last year grew 3% to 3.6 trillion yen ($32.5 billion). But unit sales slipped 4% to 1.56 million vehicles on declining demand in China and the U.S.
Mazda predicts that the current fiscal year will deliver gains of 33% in operating profit, 26% in net income and 4% in unit sales.
But the company trimmed its midterm outlook. Mazda now aims to establish a sustainable 5% operating profit margin by March 2025. It also dialed back its unit sales goal to 1.8 million vehicles by fiscal 2024 from 2.0 million vehicles in fiscal 2023.
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