Mazda predicts return to profitability for current fiscal year

09:52, February 06, 2010      

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Japanese automaker Mazda said Friday that it expects to return to profitability over the course of the current fiscal year, and reported earnings of 11.1 billion yen ( 124 million dollars) for the October to December quarter.

Revenue for the company was also up 9 percent year on year and stood at 557.6 billion yen (6.2 billion dollars). The company said that it had returned to profitability using all measures and that sales were up 9 percent year on year.

For the fiscal year, the company said it expects to make a profit of 5 billion yen (56 million dollars), revising its estimate upward by 17 billion yen (190 million dollars).

The company credited the upturn in profits and outlook to a restructuring of its business, which allows it to maintain profitability even with a strong yen.

Despite the upturn, Mazda still logged a net loss of 16.39 billion yen (183 million dollars) over the first nine months of the fiscal year.

Source:Xinhua
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