Mazda Motor Corporation has announced its ‘best-ever year-on-year turnaround in Mazda’s corporate history’. The company finished FY2001 (fiscal year 2001) in the black and for FY2002  (fiscal year 2002) expects consolidated net profit to grow by 127% from the previous year to 20 billion yen (US$150 million, 172 million euro).


Mazda President Mark Fields said: “Mazda is back in the black. We are meeting all our performance targets, and there is more to come as we introduce exciting new products in FY2002 – a new lineup which will deliver significant growth. Compared to last year, we improved our net profit by 164.0 billion yen (US$1,231 million, 1,411 million euro) – a record turnaround in our 82 year history.”


Mazda says that it is set to roll out a steady stream of new products in FY2002, the first year of growth under the ‘Millennium Plan’, the company’s multi-year business plan.


In Japan, Mazda projects a 2.0% decrease in industry sales to 5.7 million units. Overseas, US industry sales are projected to decline by 2.3%; and Europe by 5.1%. Mazda forecasts the yen at average exchange rates 125 yen to the U.S. dollar and 115 yen to the euro.


Under these circumstances, consolidated revenue is projected to increase by 7% from the previous year to 2,250 billion yen (US$16.9 billion, 19.4 billion euro) in FY2002. Operating profit is projected to increase by 79% to 51 billion yen (US$383 million, 439 million euro) with ordinary profit increasing by 93% to 37 billion yen (US$278 million, 318 million euro). Net profit is projected to grow by 127% to 20 billion yen (US$150 million, 172 million euro), with cash flow positive at 40 billion yen (US$300 million, 344 million euro).

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Fields added: “FY2002 is a pivotal year for Mazda, the launch pad for our blitz on the global marketplace. We are very encouraged by our progress so far, and we are confident that the Millennium Plan has focused our entire organisation on the company’s key objectives.


“The entire Mazda group is working on the successful launch of our exciting next-generation products, which will drive significant business growth. We are confident that we will continue to deliver on our commitments led by Lewis Booth, who will succeed me as President of Mazda later this year.”


Ford holds a 33.4% equity stake in Mazda that, under Japanese corporate law, is effectively a controlling interest.