Mazda’s Net Income Drops 41% as Revenue Flattens

February 06, 2019 at 2:21 AM

Mazda Motor Corp.’s adjusted net income shrank 41% to 12.7 billion yen ($116 million) in October-December.

Operating profit for the fiscal third quarter fell 6% to 28.7 billion yen ($261 million), a significantly smaller decline than analysts expected.

Quarterly revenue advanced slightly to 893 billion yen ($8.1 billion). Global sales volume contracted 7% to 374,000 vehicles.

Mazda predicts its full fiscal year revenue will grow 2% to 3.6 trillion yen ($32 billion), even though units sales decline 4% to 1.57 million units. The company anticipates its operating profit will reach 80 billion yen ($729 million), compared with the 70 billion yen it forecast last October.