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Mazda Exceeds First Half Financial Targets
- Full year net income target increased by 32 percent -
| Hiroshima, Nov. 12, 2002 -- Mazda Motor Corporation reported today that it
exceeded its revenue, profit and return objectives for the first half
of FY2002. Compared to the same period last year, revenue increased by
12 percent, operating profit was up 31 percent and net income more than
quadrupled. A weaker yen was a key factor in Mazda's improved profitability.
Mazda also reported that it is on track to achieve full year FY2002 targets
for volume and revenue growth, profitability and cash flow. Full-year
net income has been revised upward by 32.5 percent, from 20 billion yen
to 26.5 billion yen, reflecting recently announced domestic dealer restructuring
measures. Mazda's first half financial results and full year projection
are unchanged from the preliminary estimates released on October 31.
"Although we are seeing increased pressure on our net revenue, we are achieving sustainable, profitable growth," said Mazda President Lewis Booth. "Looking ahead, we must continue to achieve our cost reduction targets as we did in the first half." [First Half of FY2002] Ordinary profit was 9.1 billion yen (US$75 million, 76 million euro), an increase of 4.3 billion yen (US$36 million, 36 million euro) from the same period of the previous year, and up 6.1 billion yen (US$51 million, 51 million euro) from the original projection. Net income was 5.5 billion yen (US$45 million, 46 million euro), an increase of 4.2 billion yen (US$35 million, 35 million euro) from the same period to the previous year, and up 3.5 billion yen (US$29 million, 30 million euro) from the original projection. Consolidated cash flow was negative 2.1 billion yen (US$17 million, 17 million euro). This represents a 2.1 billion yen (US$17 million, 17 million euro) shortfall from the original forecast of breakeven, more than explained by the delay in the sale of subsidiary companies. Net debt was 453 billion yen (US$3.7 billion, 3.8 billion euro), which is a decrease of 3.9 billion yen (US$ 32 million, 32 million euro) from the end of the previous fiscal year. On an unconsolidated basis, ordinary profit decreased compared with the same period of the previous year by 3.5 billion yen (US$28 million, 29 million euro) to 7.4 billion yen (US$61 million, 62 million euro). This is an increase of 6.4 billion yen (US$53 million, 54 million euro) from the original projection. Net income decreased by 2.8 billion yen (US$23 million, 23 million euro) compared with the same period of the previous year, to 3.9 billion yen (US$32 million, 32 million euro). This is an increase of 0.9 billion yen (US$7 million, 7 million euro) from the original projection. [Financial Projection for FY2002] The projection of financial results for FY2002 (from April 1 to March 31, 2003) is as follows:
Note: See "Investor's Releations"for additional information. |
