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Mazda’s Net Income Plunges 75%
Mazda Motor Corp. posted sharp declines in earnings for its fiscal first quarter ended June 30, as revenue slipped and unit sales fell 13% to 353,000 vehicles.
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Mazda Motor Corp. posted sharp declines in earnings for its fiscal first quarter ended June 30, as revenue slipped and unit sales fell 13% to 353,000 vehicles.
Revenue declined 3% to 848 billion yen ($7.8 billion) for the period. Operating income plummeted 79% to 6.9 billion yen ($64 million). Attributable net income shrank 75% to 5.2 billion yen ($48 million).
Mazda reiterates its outlook for the current fiscal year ending March 31. The company expects that gains in all major markets will hike unit sales (+4% to 1.62 million cars and trucks) and revenue (+4% to 37 billion yen/$339 million).
The company also anticipate a sharp improvement in full-year operating income (+34% to 110 billion yen/$1 billion)) and net income (+27% to 80 billion yen/$733 million).
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