Business

Mazda's net profit dropped 80% in fiscal 2019 as pandemic hit

KYODO

Mazda Motor Corp. said Thursday its group net profit sank 80.8 percent in fiscal 2019 from a year earlier, to ¥12.13 billion ($113 million), on sales declines in global markets due to the new coronavirus pandemic.

Mazda withheld its earnings forecast for the current business year through March 2021, citing uncertainties caused by the worldwide COVID-19 crisis.

Its operating profit dropped 47.0 percent to ¥43.60 billion on sales of ¥3.43 trillion, down 3.8 percent.

Mazda’s global sales volume in the fiscal year fell 9.1 percent from a year earlier to 1.42 million units, with sales in China plunging 14.4 percent to 212,000 units and those in North America falling 5.8 percent to 397,000 units.

In the January to March quarter of the just-ended fiscal year, the automaker posted a group net loss of ¥20.3 billion.

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