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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World Japan's Mazda forecasts smaller loss By YURI KAGEYAMA,AP Business Writer - Tuesday, October 6 Send IM Story Print TOKYO – Japanese automaker Mazda now expects about half the red ink it previously forecast for the fiscal year, crediting a rise in demand from "green" car incentives around the world. Mazda Motor Corp. on Monday revised its forecast for the fiscal year through March 2010 to a 26 billion yen ($289.5 million) net loss _ about half the 50 billion yen ($556.8 million) loss that Japan's No. 4 automaker had projected in May. Also Monday, Mazda said it will issue new common stock later this month that will reduce former U.S. alliance partner Ford Motor Co.'s stake to 11 percent from 13.8 percent. Mazda said it will issue up to 460 million shares from Oct. 14 to Oct. 20. In forecasting a smaller loss, Hiroshima-based Mazda said global sales for the fiscal year were expected to be stronger by 55,000 vehicles, rising to 1.155 million, from the earlier forecast of 1.1 million, helped by strong sales of the its high mileage Mazda3, called Axela in Japan. Mazda also said it will return to profitability earlier than it had expected, by the July-September period. Initially, it had expected to stay in the red until the second half of the fiscal year, which runs from October to March. Like other Japanese automakers, Mazda has been battered by the global slump. Its bigger Japanese rivals such as Toyota Motor Corp. and Nissan Motor Co. have all sunk into the red. In Monday's revisions, Mazda said it expects 2.13 trillion yen ($23.7 billion) in sales for the fiscal year through March 2010. It had previously expected 2.030 trillion yen ($22.6 billion) in sales. For the last fiscal year, Mazda posted a 71.5 billion yen loss on 2.536 trillion yen in sales. Questions remain about the long run future for Mazda in a troubled industry where even bigger players are faltering. Until last year, Ford had a 33.4 percent stake in Mazda, and had been key in turning the automaker around, sending in executives, sharing technology and cutting costs by using the same auto parts. Mazda shares fell 5.6 percent to 185 yen in Tokyo. Recommend Send IM Story Print Related Articles India Corporate Debt - Issuers to stay on sidelines Reuters - Monday, October 5 Indonesia Sept FX reserves at $62.29 bln-c.bank Reuters - Monday, October 5 MONEY MARKETS-Sharp jump in Aussie rate expectations Reuters - Monday, October 5 Fast Retailing shares surge on sales jump, upgrade Reuters - Monday, October 5 India o/n call rate ends near rev repo on cash Reuters - Tuesday, October 6 News Search Top Stories Dairy farmers bring Brussels to a standstill Brazil joins emerging-nation boost to IMF funds Brazil switches roles with helping hand for IMF US trio win Nobel Medicine Prize for research on ageing Victorious F1 driver Vettel now looks to Brazil More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Mother in plea to Elton John over adoption plan Oldest hominid skeleton sheds light on human origins T-Rex fails to impress Las Vegas bidders 13 million premature births worldwide: US charity Nobel guessing game at fever pitch More Most Viewed » Ozone hole smaller in 2009 than 2008: WMO Nanoparticles could pose threat to humans: scientists Oldest hominid skeleton sheds light on human origins Implanted tooth helps blind US woman recover sight More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos Copyright © 2009 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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