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Friday February 4

Japanese Automaker Mazda Posts $71M Profit

Japanese automaker Mazda Motor Corp. said Friday that it posted a 7.4 billion yen ($71 million) profit for the quarter ended Dec. 31.

The Hiroshima-based automaker, 33.4 percent owned by Ford Motor Co., did not provide numbers for the same period a year ago because this is the first year Mazda is reporting quarterly financial data.

Mazda kept unchanged its forecast for group net profit for the full fiscal year ending March 31 at 37 billion yen ($354 million).

Sales for the quarter totaled 685.6 billion yen ($6.6 billion). Vehicle sales for the period totaled 280,000, with sales up in Japan and Europe while sales lagged in the United States because of an aging truck and sport utility vehicle lineup.

Mazda said repair work was progressing smoothly at its western Japan plant, which was damaged by a fire in a paint shop in December. Mazda lowered its vehicle wholesale target for the fiscal year by 30,000 vehicles from its earlier forecast to 1.1 million vehicles.

It also lowered its sales forecast to 2.66 trillion yen ($25 billion) for the full year, down 50 billion yen ($479 million) from its earlier prediction
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