Japan's Mazda swings back to profit
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TOKYO, Feb 6 AFP
February 06 2013, 9:11PM
Japanese car giant Mazda says it has swung back to profit in the nine months to December and has boosted its full-year earnings forecast.
Japan's fifth-biggest vehicle maker logged a net profit of Y25.6 billion ($A264.09 million) for the April-December period, reversing its net loss of Y112.8 billion a year earlier.
Sales rose 8.5 per cent to Y1.54 trillion, it said on Wednesday.
It credited the results to a bounce in sales and cost-cutting after suffering a double punch from a strong yen and falling demand in key markets during the corresponding period in 2011, when manufacturers were also hit by effects of Japan's quake-tsunami disaster.
In China, Mazda sold 129,000 vehicles for the nine-month period, down 21.5 per cent from a year earlier, "but sales are on a recovery trend," it said, echoing similar comments from Toyota, Japan's biggest vehicle company.
On Tuesday, Toyota said the China market was improving as it net profit in the nine months to December quadrupled while it also lifted its full-year earnings outlook.
Demand for Japanese cars in China, the world's biggest vehicle market, plunged last year in the wake of a consumer boycott sparked by a territorial spat between Tokyo and Beijing over an East China Sea island chain.
Mazda also said it was projecting a full-year net profit of Y26 billion, up from an earlier estimate of Y10 billion, while sales are forecast to be Y2.19 trillion, compared with an earlier Y2.17 trillion prediction.
Japan's vehicle makers have been posting strong results, underscoring their recovery from the twin disasters and the surging value of the yen, which has been in steep decline in recent months.