TOKYO-Mazda Motor Corp. sharply raised its forecast for earnings in the fiscal year ended March 31, overwhelmingly because of exchange gains.
The earlier forecast showed a dramatic improvement from year-earlier losses, based almost equally on purchasing cost cuts, headcount reduction, and exchange gains. The new forecast makes the improvement even greater.
Calling the results "a record turnaround" in Mazda's history, Mazda President Mark Fields said, "There's no doubting Mazda is back."
Consolidated, or group, net profit now is forecast to be ¥8.5 billion, or $64 million at current exchange rates. In contrast, Mazda's net loss a year earlier was $1.165 billion. Its original forecast, made in November, for the year just ended was for net profit of $9.8 million.
Revenues and unit sales were little changed in the new forecast compared to the prior one.
Revenues are forecast at $15.715 billion, up from $15.128 billion a year earlier and from $15.685 billion in the prior forecast.
Unit sales volume in the new forecast is almost identical to the November forecast at 660,000 overseas and 288,000 in Japan. The total of 948,000 is down from year-earlier sales of 964,000.
Full results and a forecast for the fiscal year that began April 1 will be released on May 15.