Mazda reports a quarterly slump as the recovery kicks in in 2020

TOKYO – Mazda posted an operating loss of 7.59 billion yen ($ 73.4 million) in the three months ended September 30 on Thursday as sales declined in the wake of the coronavirus pandemic.

The loss, calculated by Reuters from the company’s half-year results, contrasts with a profit of 18.9 billion in the same quarter last year and a loss of 45.3 billion yen in the first three months of the fiscal year, the worst of the quarter 11 was years.

Mazda posted a smaller loss in the second quarter after benefiting from a rebound in sales in North America, its largest market. Vehicle sales there increased by 1% compared to the previous year.

Sales in the US are down about 1% so far in 2020 compared to 2019, despite strong sales of the CX-9, CX-5 and new CX-30 crossovers.

Japan’s No. 5 automaker maintained its annual forecast for an operating loss of 40 billion yen. This is better than the average full year estimate of an operating loss of 53.3 billion yen by 17 analysts surveyed by Refinitiv.

For the full fiscal year, the maker of the CX-5 SUV crossover and Mazda3 sedan maintained its full-year forecast that global vehicle sales will drop 8.5% to 1.3 million units, the lowest level in seven years .

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