Tokyo, May 13: Mazda Motor, which relies more
on exports than Japan's other major automakers, said annual
profit rose 41 percent as a weaker Yen against the Euro
boosted European earnings from its new models Axela Sedan.
Group net income for Japan's fifth-largest automaker rose
to 33.9 billion Yen (298 million dollar) the year ended march
31, from 24.1 billion Yen a year ago, the company said.
Mazda is betting new, pricier models such as the Atenza
Sedan will help achieve a profit margin of at least 3 percent
this business year. Mazda, which exports about 70 percent of
its domestic production, also benefited as the average Yen
rate weakened against the Euro, inflated overseas earnings and
making up for the currency's gains against the US Dollar.
Mazda, based in Hiroshima, western Japan, said annual
sales rose 23 percent to 2.92 trillion Yen. Operating profit,
or sales minus the cost of goods sold and administrative
expenses, rose 39 percent to 70.2 billion Yen, while current
profit, or pretax profit from operations, gained 43 percent to
58 billion Yen.
Bureau Report
