Mexican Media Brands
Mazda’s Profits Sag
Mazda Motor Corp. reports its operating profit in April-June shrank 5% to 53.3 billion yen ($430 million), and net income plunged 25% to 36.8 billion yen ($296 million).
#economics
Share
Mazda Motor Corp. reports its operating profit in April-June shrank 5% to 53.3 billion yen ($430 million), and net income plunged 25% to 36.8 billion yen ($296 million).
The decline in the company's fiscal first-quarter results came in spite of a 16% increase in unit sales to 370,000 vehicles, which boosted net revenue 14% to 806 billion yen ($6.5 billion). Revenue jumped 39% in North America and 31% in China.
Operating income by region plunged 32% in Japan and 36% in Europe. But it tripled in North America and 18% in other areas, including China.
Mazda blames the income decline on 10.8 billion yen ($87 million) in unfavorable currency fluctuations and 5.6 billion yen ($45 million) in depreciation costs. The company left unchanged its guidance unchanged for the fiscal year ending March 31. The company expects its operating profit to grow 3% to about 210 billion yen ($1.7 billion).
RELATED CONTENT
-
Achieving Efficiency?
A look at on-road fuel economy changes over 92 years.
-
Enterprise Edges into Self-Driving Car Market
U.S. rental car giant Enterprise Holdings Inc. is the latest company to venture into the world of self-driving vehicles.
-
GM, Ford Evaluate Possible Economic Slump
General Motors and Ford say they have bolstered their cash reserves in case the trade war between the U.S. and China triggers a global recession.