Mazda, Mitsubishi Motors Regain Profitability In 4Q, Eye Profits This FY
27.04.10
TOKYO (Dow Jones)--Mazda Motor Corp. (7261.TO) and Mitsubishi Motors Corp. (7211.TO) Tuesday said they returned to profitability in the pecuniary fourth quarter as far-ranging cost-cuts and powerful Asian sales overpowered the dazzling yen.
Hoping to ride on the design of this fortuitous state of affairs, the two auto makers added they design to keep up this momentum this fiscal year with Mazda targeting its first annual net profit in three years and Mitsubishi aiming to more than triple its net profit.
For the January-Cortege quarter, Mazda, in which U.S. counterpart Ford Motor Co. owns an 11% move on, posted a net profit of Y9.9 billion, reversing the Y100.4 billion net negative cash flow death it posted in the same period a year earlier. The car maker also expects a net profit of Y5.00 billion for the full financial year, improving from the sacrifice of Y6.48 billion that it suffered last economic year.
Demonstrating that it isn't reeling from the happening that capital-alliance talks with PSA Peugeot-Citroen recently destitute down, Mitsubishi Motors posted a Y30.5 billion unit net profit in the quarter ended Strut, sharply improving from the Y50.1 billion squandering it registered a year earlier. The auto maker projects a net profit of Y15.00 billion this monetary year, up from Y4.76 billion last pecuniary year.
Source: Wall Street Journal