TOKYO (AFP) — Japanese automaker Mazda Motor Corp. said Friday that it remained on track for another record year after a weak yen lifted its net profit by 6.8 percent in the six months to September.
Japan's fifth-largest automaker, an affiliate of US giant Ford Motor, posted a net profit of 29.05 billion yen (253 million dollars) for the six months to September, despite a 62.5 percent plunge in the fiscal first quarter.
First-half operating profit gained 4.8 percent from a year earlier to 73.08 billion yen, an all-time high, as revenue grew 8.9 percent to 1.66 trillion yen, the Hiroshima-based group said in a statement.
A cheaper yen, which is positive for export earnings, as well as cost-cutting efforts offset the negative impact of higher raw material costs, the company said.
Mazda reported a modest 0.9 percent rise in global sales by volume to 659,000 vehicles for the first half, weighed down by a 5.8 percent fall in Japan where the overall auto market in in decline.
Sales rose 7.1 percent in the United States but were flat in Europe and plunged 32.6 percent in China as production of two models ended.
Mazda expects to sell 1.36 million vehicles for the full fiscal year to March, up 4.5 percent from the previous year, despite a 3.3 percent drop in Japan.
The automaker kept its forecasts for another year of record earnings, predicting a 15.3 percent jump in net profit to 85 billion yen.
Operating profit is seen increasing 0.9 percent to 160 billion yen on record revenue of 3.32 trillion yen, up 2.2 percent.
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