Hiroshima-based carmaker, Mazda, has got a good reason for celebration. The company returned to profitability for the fiscal year that ended on 31st March 2013. This is after four years of losses, including a loss of US$1.14 billion (S$1.41 billion) for FY2011.
Mazda posted a global net profit of US$364.3 million (S$450 million) for FY2012. Mazda CEO, Takashi Yamanouchi, attributed the result to restructuring and a falling Yen, which has depreciated by 21 percent against the US dollar since November last year. This helped to improve Japanese exports.
However, the North American market continued to bleed in fiscal year that had just ended, posting an operating loss of US$519.1 million (S$641 million) although all the other regions remained in the black. Sales in North America also fell short of the company's forecast. Looking forward, Mazda expects the region to get a boost from the full year impact of the all new Mazda6 and the debut of the next generation Mazda3.
For FY2013, Mazda expects global net and operating profit to double in the wake of the Yen's decline and the rolling out of more vehicles equipped with the company's latest Skyactiv engine, transmission and chassis technologies.