Mazda First Half Profits Quadruple

TOKYO, November 12, 2002; Yuri Kageyama writing for AP reported that Mazda Motor Corp. said Tuesday that profits for the first fiscal half quadrupled from a year ago as a weaker yen and popular models boosted overseas revenue.

Japan's No. 5 automaker, which is 33.4 percent owned by Ford Motor Co., reported 5.5 billion yen (US$46 million) in net income for the six months through September, up sharply from 1.3 billion yen for the same period a year ago.

First half sales climbed 12 percent to 1.16 trillion yen (US$9.7 billion) from 1.04 trillion yen a year ago.

``Although we are seeing increased pressure on our net revenue, we are achieving sustainable, profitable growth,'' Mazda President Lewis Booth said.

Encouraged by the results, Mazda said it was on its way toward meeting targets for the full fiscal year of income at 26.5 billion yen (US$221 million), up from its initial projection of 20 billion yen (US$167 million) and a tripling of profits from fiscal 2001.

Mazda expects 2.34 trillion yen (US$20 billion) in sales for the fiscal year ending in March 2003, up 12 percent from a year ago.

In vehicles sales, Mazda sold 498,000 vehicles for the first half, up 1.1 percent from 493,000 a year ago. Although Mazda sales in Japan fell 3.3 percent for the first half, that loss was offset by improved sales in Europe, up 22 percent.

For the fiscal year, Mazda hopes to sell 1.015 million vehicles, up from 948,000 the previous year.

After a year without new models, Mazda has begun selling the Atenza sedan, called Mazda6 in the United States, and the new Demio subcompact. The RX-8 sportscar is planned for early 2003.

Also Tuesday, Mazda appointed as its new chief financial officer Gideon Wolthers, a former Ford executive with experience in Europe, South Africa and India.

Wolthers replaces Robert Shanks, who is returning to Ford