Mazda Motor has revised down its fiscal 2012 full year forecasts, announced on 17 June, and now expects a net loss of JPY19bn (-US$242.8m) compared with the previous forecast of a JPY1bn ($12.8m) net profit. The automaker said it would only break even on an operating basis after earlier predicting a JPY20bn ($255.6m) profit for the 12 months to 31 March, 2012.
Forecast net sales were revised down JPY30bn to 2.16 trillion and no dividend will be paid to shareholders this financial year.
Mazda said in a statement it revised the forecast because the “negative impact of prolonged yen appreciation against major currencies was expected to exceed positive impact of further improvements in sales volume, mix and cost”. It also cited concerns over the effects of the current Thai floods.
Mazda is assuming JPY78 to the dollar and JPY110/euro for the first half and KPY76/$ and JPY105/euro for the second.
The automaker booked a first half 2011/12 net loss of JPY39.9bn compared with a JPY5.5bn profit in H1 fiscal 2010/11. The operating result plunged to a JPY21.6bn loss from a JPY12.2bn profit the previous year on sales of JPY951.9bn (JPY1.2 trillion).
Mazda said second quarter operating profit of JPY1.5bn offset the negative impact of the appreciated yen and material price rises, due to cost reduction.
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