Mazda reported a 62 percent drop in April-June profit on Tuesday, but Japan's No. 4 automaker stuck with its forecast of record profit for the full year on growing global sales.
Mazda Motor Corp., a rare bright spot in faltering Ford Motor Co.'s group, said the latest numbers were within expectations, with the drop resulting mainly from foreign-exchange-related accounting expenses and greater research investment.
Mazda's profit slipped to ¥2.48 billion for the three months ended June 30, down from ¥6.61 billion the previous year. Sales jumped 11 percent year on year to ¥814.29 billion, Hiroshima-based carmaker said.
Mazda, which makes the Miata convertible and RX-8 sport vehicles, said it is headed for its fourth straight year of record earnings for the fiscal year ending March 2008, with ¥85 billion in profit, up 15 percent from fiscal 2006.
Mazda, 33.4 percent owned by Ford, is projecting fiscal year sales to edge up 2 percent to ¥3.32 trillion.
Global sales are expected to rise 4 percent to 1.35 million units for this fiscal year, up from 1.3 million last year.