Mazda 1Q profit up on solid vehicle sales growth
Fiscal first quarter profit at Mazda, the Japanese automaker affiliated with Ford, surged to 14.98 billion yen (US$140 million) more than sixfold net earnings a year ago on robust vehicle sales in China and Europe.
By Agencies |
TOKYO: Fiscal first quarter profit at Mazda, the Japanese automaker affiliated with Ford, surged to 14.98 billion yen (US$140 million) _ more than sixfold net earnings a year ago on robust vehicle sales in China and Europe.
Hiroshima-based Mazda Motor Corp. said Thursday that it sold 358,000 vehicles worldwide during the April-June period, up nearly 11 percent from the same period the previous year. Models such as the Mazda2 and Mazda3 compacts were popular.
But an unfavorable exchange rate fluctuation, with the dollar plunging against the yen from the previous year, eroded Mazda's revenue sales. Quarterly sales slid 5 percent to 771.8 billion yen (US$7.2 billion) from 814.3 billion yen the year before.
Mazda said the dollar had traded at 105 yen in the three months ended June 30, down sharply from an average of 121 yen the same period the previous year.
Despite the soaring cost of raw materials, Mazda's quarterly profit jumped dramatically from a year earlier partly because of tax accounting changes, the company said in a statement.
Mazda _ Japan's fifth biggest automaker and an affiliate of Ford Motor Co. of the U.S. _ posted a profit of 2.48 billion yen during the April-June quarter in 2007.
Mazda's vehicle sales rose in every major region outside Japan, where the overall market has been sluggish for years.
Hiroshima-based Mazda Motor Corp. said Thursday that it sold 358,000 vehicles worldwide during the April-June period, up nearly 11 percent from the same period the previous year. Models such as the Mazda2 and Mazda3 compacts were popular.
But an unfavorable exchange rate fluctuation, with the dollar plunging against the yen from the previous year, eroded Mazda's revenue sales. Quarterly sales slid 5 percent to 771.8 billion yen (US$7.2 billion) from 814.3 billion yen the year before.
Mazda said the dollar had traded at 105 yen in the three months ended June 30, down sharply from an average of 121 yen the same period the previous year.
Despite the soaring cost of raw materials, Mazda's quarterly profit jumped dramatically from a year earlier partly because of tax accounting changes, the company said in a statement.
Mazda _ Japan's fifth biggest automaker and an affiliate of Ford Motor Co. of the U.S. _ posted a profit of 2.48 billion yen during the April-June quarter in 2007.
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Mazda's vehicle sales rose in every major region outside Japan, where the overall market has been sluggish for years.
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