TOKYO -- Mazda Motor slumped to a net loss in the latest quarter as the COVID-19 pandemic continued to hammer global sales and broadside earnings.
Mazda booked an operating loss of 7.6 billion yen ($72.0 million) in the quarter ended Sept. 30, compared with an operating profit of 18.8 billion yen ($178.0 million) the year before, the automaker said in an earnings announcement on Monday.
At the net level, Mazda plunged to a loss of 26.3 billion yen ($249.1 million) in the July-September period, from a net income of 11.4 billion yen ($108.0 million) a year earlier.
Revenue slid 14 percent to 739.1 billion yen ($7.00 billion) in the three months. Global retail sales declined 12 percent to 334,000 vehicles; wholesale volume fell 18 percent to 255,000.
CEO Akira Marumoto said the pandemic slowdown forced the company to delay its mid-term business plan goals by one year. It now expects to achieve global sales of 1.8 million units and operating profit margin of 5 percent in the fiscal year ending March 31, 2026.
Mazda's profit was undercut by a slump in wholesale delivers, falling plant output and a decline in shipments of Mazda vehicles sold by other brands under OEM agreements.
Mazda nonetheless kept its forecast unchanged for the current fiscal year ending March 31, 2021.