Mazda lifts H1, full-year net profit forecasts - Ford Forums - Mustang Forum, Ford Trucks, Ford Focus and Ford Cars
Ford Forum Ford Forum

» Auto Insurance
» Featured Product
ยป Wheel & Tire Center

Go Back   Ford Forums - Mustang Forum, Ford Trucks, Ford Focus and Ford Cars > Ford Cars and PAG Vehicles > Mazda Forum
Register Home Forum Active Topics Photo Gallery Auto Loans Garage Mark Forums Read Auto Escrow

Mazda Forum This area is for discussion of Mazda vehicles

FordForums.com is the premier Ford Forum on the internet. Registered Users do not see the above ads.
Reply
 
LinkBack Thread Tools Display Modes
Old 10-31-2002, 09:12   #1 (permalink)
Registered User
 
Stacy94PGT's Avatar
 
Join Date: Feb 2001
Location: The Hills of North Georgia,USA
Posts: 7,859
Mazda lifts H1, full-year net profit forecasts

Reuters / October 31, 2002

TOKYO -- Mazda Motor Corp., Japan's fifth-largest automaker, on Thursday raised its net profit estimates for the first half and the full year to next March, citing cost cuts, tax benefits and a weaker yen.

The automaker, one-third owned by Ford Motor Co., now expects group net profit for the six months to September 30 to be 5.5 billion yen ($44.74 million), compared with a May forecast of two billion yen.

It expects an operating profit of 14.6 billion yen, up 3.6 billion yen from the previous estimate.

"We had better results than we initially projected and that's a function of working closely with our suppliers to reduce material costs," Gideon Wolthers, managing executive officer, told a news conference in Tokyo.

Due to the rosier first-half estimates, Mazda also lifted its group net profit forecast for the full year to 26.5 billion yen from 20 billion yen.

Also driving the better forecasts was an expected seven percent rise in full-year vehicle sales worldwide, to 1.015 million units from the previous estimate of 1.001 million units.

"With new products such as the Atenza/Mazda6 and new Demio now reaching the markets, we are firmly on course," Mazda President Lewis Booth told a news conference in Hiroshima.

Full-year revenues are now expected to rise 11.7 percent to 2.34 trillion yen, up from the earlier forecast of 2.25 trillion yen.

While analysts said the new first-half outlooks were positive, they reserved optimism for the full year, citing the dip in the operating profit forecast to 50 billion yen from 51 billion yen. The new figure would still represent a rise of 75 percent from last year.

"It's good news for the first half, but the new full-year figures are nothing to get excited about," said Tatsuo Yoshida, auto analyst at Deutsche Securities.

"There is no improvement on the operating level, which probably means fundamentals are not getting better," he added.

Just after the announcement, Mazda's shares jumped 6.8 percent, but by the end of trade, they dropped back to 274 yen, up three percent.

The shares still outperformed those of Mazda's main rivals, including top-ranked Toyota Motor Corp., which gained 0.85 percent after announcing rosy half-year earnings and full-year forecasts on Wednesday.

Mazda is due to announce first-half results on November 12.

DISCOUNT PRESSURE

The revisions came after rivals Toyota, Honda Motor Co. Ltd. and Nissan Motor Co. Ltd. all unveiled record-setting first-half earnings results this month on strong performances in North America.

Mazda said although it was selling more cars in the United States than it originally expected, increased volumes were not translating into higher revenues because its sales incentives had risen by $400-$500 from last year to over $2,000 per vehicle.

"We are achieving sustainable, profitable growth, although we are seeing increased pressure on our net revenue," Booth said. "Looking ahead, we must continue to achieve our cost reduction targets as we did in the first half."

And at home, Mazda lowered its sales outlook for the year to March to 300,000 vehicles from 319,000. Booth said sales of the Demio subcompact, launched in August, were slightly below the automaker's high expectations.

But Mazda said it would strengthen its domestic dealership network by consolidating 34 dealers across Japan into 11, a move it said would help reduce inventories and boost efficiency.

The automaker also said it expects group interest-bearing debt to total 672.7 billion yen in March 2003, or 38.1 billion more than originally forecast.

After spending much of the 1990s in the red, Mazda returned to profit last year with the help of Ford, and is hoping a new brand identity will lead it on a path of product-led growth.
Attached Images
File Type: jpeg mazda_5.jpeg (10.2 KB, 258 views)
__________________
Stacy94PGT
My first car was a 67 Mustang Coupe, 2nd one was a 67 Cougar XR-7, 3rd one was a 66 Mustang Coupe. Why did I get rid of these cars for ? I know why, because I'm stupid, stupid, stupid.

My next Ford.....
Stacy94PGT is offline   Reply With Quote
Sponsored Links
Advertisement
 
Reply

  Ford Forums - Mustang Forum, Ford Trucks, Ford Focus and Ford Cars > Ford Cars and PAG Vehicles > Mazda Forum



Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On


Similar Threads
Thread Thread Starter Forum Replies Last Post
Full list of cars for Gran Turismo 4 FPRXR-6 The Pub 106 12-17-2003 23:46
Mazda Motor's Booth needs to boost demand for Mazda6 Stacy94PGT Mazda Forum 0 05-12-2003 08:12
Mazda to suspend U.S. output to help meet 24% profit gain goal Stacy94PGT Mazda Forum 0 05-12-2003 08:09
Mazda bets rotary sports car will raise image and profit Stacy94PGT Mazda Forum 2 04-10-2003 10:39
Mazda banking on use of Ford platforms to help ensure profits Stacy94PGT Mazda Forum 0 05-29-2002 09:37

Powered by vBadvanced CMPS v3.2.2

All times are GMT -7. The time now is 16:32.



Powered by vBulletin® Copyright ©2000 - 2014, Jelsoft Enterprises Ltd.
Content Relevant URLs by vBSEO 3.6.0
Garage Plus vBulletin Plugins by Drive Thru Online, Inc.