Mazda, Mitsubishi post 3rd straight quarterly loss

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Mazda, Mitsubishi post 3rd straight quarterly loss

Posted Thursday, Jul 30, 2009, 2:15 pm in Employee News

Mazda Motor Corp. and Mitsubishi Motors Corp. each posted losses for a third straight quarter as car sales plunged worldwide, but the carmakers kept their annual forecasts relying on cost cuts to offset weak demand, Reuters reported.

Mazda (held 13 percent by Ford Motor Co.), had an operating loss of 28.0 billion yen ($295 million) in the April-June quarter, swinging from a profit of 28.3 billion yen a year earlier, Reuters said. A consensus estimate of four analysts surveyed by Thomson Reuters had put the loss at 36.9 billion yen, the story said.

Mitsubishi Motors had an operating loss of 29.6 billion yen ($312 million), reversing a profit of 9.86 billion yen a year earlier, the news service said. Its first-quarter net loss was 26.4 billion yen, compared with a profit of 10.3 billion yen last year. Revenue sank 58 percent to 259.1 billion yen, as global retail sales slid 32 percent to 213,000 units in the quarter, the story said. (Reuters/Automotive News)