A net loss of 2.7 billion Yen which translates to a staggering $33.1 million has been posted by Mazda Motor Corp for the period ending 31 Dec. This with the cut in competitiveness of its exports due to a stronger Yen.
Mazda had recorded a profit of 4.4 billion yen a year earlier and this loss was the first that they faced even though sales rose by 0.5 percent to 560 billion yen during the quarter.
Most of Mazda productions take place in Japan, which comprise of about 70 percent of its overall production. Compared to other domestic automakers such as Toyota, Nissan or Honda, Mazda too has a higher rate of exports. Trading of the Yen in November was 81.63 against the dollar which was a 15 year high.
Mazda though have claimed that they would reach targets that they had set for a 6 year plan and which was 2.3 trillion.
A year earlier they had a loss of 16 billion while in nine-month period now they have accrued a profit of 2.85 billion yen.
Source: autonews
