InfoAnda - Japan's Mazda, Mitsubishi Motors cut forecasts on crisis

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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Secondary Navigation Singapore Asia Pacific World Search Search: Japan's Mazda, Mitsubishi Motors cut forecasts on crisis AFP - Friday, October 31 TOKYO (AFP) - - Japanese automakers Mitsubishi and Mazda on Thursday cut their earnings forecasts for the year as a global economic slowdown and a soaring yen clouds the industry's outlook. The economic crisis has sent shivers through Japan's auto industry, which in recent years has reaped hefty profits from the popularity overseas of its vehicles, particularly fuel-efficient cars. Both Mitsubishi Motors Corp. and Mazda Motor Corp. said they did better than expected in the first half but came under pressure from slowing demand and the strong yen, which recently soared to a 13-year high against the dollar. "Demand is dropping particularly in the US and Western Europe in the auto industry amid the historic economic crisis," Mitsubishi Motors Corp. president Osamu Masuko told a news conference. Mitsubishi, Japan's fourth largest automaker, said it returned to profitability in the first half for the first time in six years after restructuring efforts, despite earlier predictions just to break even. The company recorded 12.8 billion yen (130 million dollars) in net profit for the six months to September, reversing a net loss of 5.6 billion yen in the same period last year when it booked massive restructuring costs. Mitsubishi has lagged behind other Japanese automakers as it recovers from a defect cover-up scandal that badly hurt its reputation. But sales slumped and it downgraded its annual forecasts. It now expects sales of 2.36 trillion yen, down 10.9 percent from its last projection, with operating profit 16.7 percent lower at 50 billion yen. In the first half, Mitsubishi's North American sales plunged 22 percent due to the ongoing credit crunch and weak US consumer sentiment, despite a sales increase in Canada and Mexico, the company said. European sales edged up, thanks to solid demand in Russia and Ukraine, while Asian sales dropped, it said. Mazda Motor Corp., whose biggest shareholder is struggling US automaker Ford Motor Co., said its net profit rose two percent year-on-year to 29.5 billion yen (284.7 million dollars) in the six months through September. Operating profit slipped 17 percent to 60.7 billion yen, although it was more than one-fifth higher than what the Hiroshima-based company had anticipated. But Japan's fifth largest automaker cut its full-year forecasts. Mazda said it now expects to earn 50 billion yen in net profit for the year, a reduction from an earlier 70 billion yen forecast and down 46 percent from the previous year. Mazda "beat our initial first-half operating profit forecast, announced at the beginning of the fiscal year," said David Friedman, the chief financial officer. "However, we expect the third quarter and onward to present a challenging business environment," he said in a statement. Japanese automakers have generally struggled amid the global financial crisis that has chilled consumption in the biggest car market: the United States. Nissan Motor Co. said earlier it was reducing production in North America and cutting jobs, while industry leader Toyota Motor Corp. was also seen to post the first drop in annual sales in a decade due to the global slowdown. - Dow Jones Newswires contributed to this report - Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Business Stocks up on GDP report in relatively calm sessionAP - 2 hours 8 minutes ago Newell Rubbermaid 3Q profit falls 68 percentAP - 2 hours 53 minutes ago Commodities fall on recession concernsAP - 2 hours 58 minutes ago US diabetes rate doubles over 10 yearsAP - Friday, October 31 Macau lifts Wynn Resorts Q3 profit 14 pctReuters - Friday, October 31 Enlarge Photo Japan's Mazda, Mitsubishi Motors cut forecasts on crisis Related Photos Slideshow Full Photo Coverage: Business & Economy Most Popular – Business Viewed When men see red, they see hot: study Asian stocks soar on US Fed rate cut McCain in defiance as Obama boosted by economic data World's fattest man weds friend's widow Desperate pleas end in despair as starlet's nephew found dead View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology

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