Global Times - Mazda predicts return to profitability for current fiscal year

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Mazda predicts return to profitability for current fiscal year

Source: Xinhua
[08:49 February 08 2010]
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Japanese automaker Mazda said last Friday that it expects to return to profitability over the course of the current fiscal year, and reported earnings of 11.1 billion yen ( $124 million) for the October to December quarter.

Revenue for the company was also up 9 percent year on year and stood at 557.6 billion yen ($6.2 billion). The company said that it had returned to profitability using all measures and that sales were up 9 percent year on year.

For the fiscal year, the company said it expects to make a profit of 5 billion yen ($56 million), revising its estimate upward by 17 billion yen ($190 million).

The company credited the upturn in profits and outlook to a restructuring of its business, which allows it to maintain profitability even with a strong yen.

Despite the upturn, Mazda still logged a net loss of 16.39 billion yen ($183 million) over the first nine months of the fiscal year.