Mazda has issued downbeat part-year financial results along with downward revisions full-year results as it reported slower sales at home and in key export markets. A stronger local currency also dented profit.
Net income in the first nine months of the fiscal year – to December 31 – was reported at 79.9 billion yen, 35% down on the same period of the previous year. Operating profit was 102 billion yen in the period, 41.2% down.
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Mazda posted overall sales up by 1% to 1.16m units in the first nine months, but that was boosted by a 29% gain in China to 227,000 units.
Sales in Japan and the US were heavily down in the period (Japan down 19% to 132,000 units; North America down 4% to 331,000 units).
In the US, sales were 233,000 units, down 3% year on year. Mazda said that crossovers sales in the US are maintaining momentum, but the market for ‘passenger cars continues to be tough’. It said that high-grade models of new CX-9 are selling well, contributing to improved net revenue. It also said it is promoting initiatives to reorganise and enhance the dealer network.
For the year ending March 31, Mazda now expects to post an operating profit of 130.0 billion yen.
Mazda says it has started CX-3 production at Hofu Plant to improve production flexibility for crossover vehicles.
For the full fiscal year the global sales volume forecast is unchanged at 1,550,000 units. Revised forecast for operating profit is ¥130 billion (down 20 billion yen from November) and net income to 90 billion yen (down 10 billion yen from November’s estimate).
Global market launches of the new CX-5 start from Japan in February.
