Mazda Motor Corp. today said its profits in the quarter ended Sept. 30 surged on exchange-rate gains and higher sales.
Net income jumped 60 percent to 19.53 billion yen ($198.5 million) as revenue rose 24 percent to $6.5 billion. Operating profit of $381.3 million surged almost fourfold, bolstered by a $316.6 million currency gain.
In the April-September first half of Japan's fiscal year, Mazda's net more than quadrupled to $2.54 billion, as revenue rose 23 percent to $12.77 billion.
Mazda, which is highly dependent on exports from Japan, benefited greatly from a favorable yen exchange rate. In the latest half year, Mazda's average transaction rate was 88 yen to the dollar, vs. 79 yen to the dollar a year earlier. In other words, for every dollar received from sales, Mazda this term booked 88 yen in revenue, vs. just 79 yen a year earlier.
In the first half, the automaker sharply narrowed its operating loss in North America to $25.7 million compared with a loss of $264 million a year earlier.
Mazda's operating income in Europe surged roughly tenfold, to $39.2 million in the latest six-month period from $3.6 million a year earlier. It also more than doubled its operating income in Japan, to $698.4 million.
Global retail vehicle sales rose 3 percent in the first half to 631,000 units.
James B. Treece contributed to this report.