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Mazda’s Earnings Plunge 42%
Mazda Motor Corp. says its consolidated net income in April-June plunged to 21.2 billion yen ($208 million) from 36.8 billion yen in the same period last year.
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Mazda Motor Corp. says its consolidated net income in April-June plunged to 21.2 billion yen ($208 million) from 36.8 billion yen in the same period last year.
Vehicle sales gained 1% to 375,000 units as growing demand in Europe offset declines in the U.S. and Japan.
But Mazda’s revenue dropped 4% to 776 billion yen ($7.6 billion). Operating profit shrank 2% to 52.4 billion yen ($513 million). Mazda, which produces nearly two-thirds of its vehicles in Japan, says exchange rates trimmed its quarterly operating results by 34 billion yen ($332 million).
The company reiterates its guidance for the full fiscal year ending next March 31. The company expects its vehicles sales will rise 1% to 1.55 million units. But it predicts 81 billion yen ($793 million) in unfavorable exchange rates will slash its full-year operating profit by 25% to 170 billion yen.
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