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Japan's Mazda swings back to profit

Feb 06 2013 09:56 AFP

((File, Newspress))

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Tokyo - Japanese car giant Mazda on Wednesday said it swung back to a profit in the nine months to December as it boosted its full-year earnings forecast.

Japan's fifth-biggest automaker logged a net profit of ¥25.6bn ($273m) for the April-December period, reversing its net loss of ¥112.8bn a year earlier. Sales rose 8.5% to ¥1.54 trillion, it said.

It credited the results to a bounce in sales and cost-cutting after suffering a double punch from a strong yen and falling demand in key markets during the corresponding period in 2011, when manufacturers were also hit by effects of Japan's quake-tsunami disaster.

In China, Mazda sold 129 000 vehicles for the nine-month period, down 21.5% from a year earlier, "but sales are on a recovery trend," it said, echoing similar comments from Toyota, Japan's biggest automaker.

On Tuesday, Toyota said the China market was improving as it net profit in the nine months to December quadrupled while it also lifted its full-year earnings outlook.

Demand for Japanese cars in China, the world's biggest vehicle market, plunged last year in the wake of a consumer boycott sparked by a territorial spat between Tokyo and Beijing over an East China Sea island chain.

Mazda also said it was projecting a full-year net profit of ¥26bn, up from an earlier estimate of ¥10bn, while sales are forecast to be ¥2.19 trillion,  compared with an earlier ¥2.17 trillion prediction.

Japan's automakers have been posting strong results, underscoring their recovery from the twin disasters and the surging value of the yen, which has been in steep decline in recent months.

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mazda  |  auto industry  |  profits
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