Mazda, Mitsubishi report first-half losses

[rickaren]

Mazda, Mitsubishi report first-half losses

Posted Friday, Oct 30, 2009, 2:50 pm in Employee News

Mazda and Mitsubishi Motors, Japan’s No. 4 and No. 5 automakers, reported half-year net losses Thursday, battered by plunging sales and the strong yen, the Associated Press reported.

Mitsubishi, which makes the Galant sedan and Outlander SUV, warned that the outlook for the global auto industry remains “severe,” but projected it would eke out a small profit by the end of the fiscal year in March, the AP said. Mazda Motor Corp. said China was a bright spot, with sales rising 35 percent there, but that otherwise sales around the region dropped during the fiscal first half, the news service said.

Mazda, which has overtaken Mitsubishi to become fourth-biggest among Japanese automakers, reported a net loss of 20.8 billion yen ($230 million) for the April-September period compared to a net profit of 29.5 billion yen a year earlier. Mitsubishi Motors, meanwhile, reported a net loss of 36.4 billion yen ($403 million) for the April-September period, down from a net profit of 12.8 billion yen last year, the story said. (Associated Press)