Zorce Jedi Master
Joined: 01 May 2005
|Posted: Sat Jul 31, 2010 4:44 am Post subject: Japan's Mazda narrows losses in first quarter
|TOKYO — Japan's Mazda Motor Corp said Friday it had incurred a 2.1 billion yen (24.29 million US dollar) net loss in the first quarter, down from 21.52 billion yen a year earlier, Kyodo news agency reported.
The results by one of Japan's top auto makers compounds a run of improved earnings results this week by blue chip companies, suggesting the country is gradually recovering from the effects of the global crisis.
Mazda said that while it took a hit in the April-June quarter from the strong yen and a one-off 2.7 billion yen loss caused by a new accounting rule, it had enjoyed robust sales in Japan, other Asian countries and the United States.
Sales increased 35 percent to 578.04 billion yen, taking the company's operating and pre-tax balances into the black at 6.37 billion yen and 4.14 billion yen respectively, against corresponding losses the previous year of 27.98 billion yen and 32.65 billion yen.
In terms of quantity, global vehicle sales increased 21 percent to 317,000 units, including 90,000 units in North America (up 21 percent) and 52,000 in Japan (up 27 percent).
Mazda said it wanted to focus on marketing efforts overseas to off-set the planned withdrawal this coming September of a government programme to subsidise purchases of eco-friendly cars.