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Mazda Motor Corp. on Friday projected a net loss of ¥90 billion ($865 million) for the business year through next March on slowing demand caused by the coronavirus, a turnaround from the ¥12.13 billion profit posted in fiscal 2019.

The automaker expects to see its first red ink since fiscal 2011, with an operating loss of ¥40 billion on sales of ¥2.85 trillion, down 16.9 percent from a year earlier, according to its earnings outlook released Friday.

Mazda has also decided to forgo dividend payments in fiscal 2020 after paying out ¥35 per share the previous year.

In the first quarter through June, the Hiroshima-based automaker reported a net loss of ¥66.69 billion. It logged an operating loss of ¥45.27 billion on sales of ¥376.68 billion, down 55.6 percent from the previous year.

Mazda projects global sales to stand at 1.3 million vehicles in the current year, down 8.4 percent from a year earlier, due to weak demand from everywhere except China.

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