Mazda Reports Third Quarter Financial Results for Fiscal Year 2008
HIROSHIMA, Japan : Mazda Motor Corporation today reported its financial results for the first nine months (April to December) of fiscal year (FY) 2008 and announced its full year financial projections.
FY2008 Third Quarter (April-December) Results
Mazdas consolidated sales revenue was 2,087.9 billion yen in the first nine months of FY2008, down 17 percent over the same period in FY2007. Operating profit was 36.5 billion yen, down 66 percent versus the prior year, reflecting the yens appreciation against key currencies and a sharp deterioration in the global sales environment. Ordinary profit decreased 42 percent year-on-year to 52.1 billion yen, reflecting forward exchange contract gains. Consolidated net income was 28.9 billion yen, down 36 percent compared to the same period last year.
Mazda sold 964,000 vehicles globally in the first nine months of FY2008, down one percent versus the same period in 2007, due to a sharp slowdown in sales which began in the third quarter.
In Europe, Mazda achieved a year-on-year sales increase of six percent, to 242,000 units. Retail sales in China rose 38 percent over the prior year to 97,000 units, thanks to a sales boost resulting from the introduction of the new Mazda2 and a strong contribution from Mazda6 sales.
The sales volume in Japan was 164,000 units, down six percent year-on-year despite the newly launched Mazda Biante and Mazda Atenza (known as Mazda6 overseas) models positive effect on sales.
North American sales were 271,000 units through the third quarter, down 10 percent when compared to the first nine months of fiscal 2007. Of this, the US sales volume was 186,000 units. The new Mazda6 was well received, but this did not offset lower sales of existing models, resulting in a year-on-year decline of 14 percent. Mazdas share in the US rose 0.1 points during this period.
In other markets, combined total sales volume was down five percent to 190,000 units.
FY2008 Full Year Forecasts Mazda has revised all FY2008 full year projections downward, reflecting the sharp deterioration in the sales environment of global markets since October, and the expected impact of a further appreciation of the yen against key currencies. Sales revenue is projected to come in at 2,550.0 billion yen, a decrease of 27 percent compared with the prior year. Operating profit is forecast to be down 187.1 billion yen, resulting in an operating loss of 25 billion yen. However, ordinary profit is forecast to be limited to a loss of 15 billion yen mainly due to exchange hedging, and net income is projected to be negative 13 billion yen. Due to the rapid deterioration in business conditions, the share dividend has not been determined yet.
Mazdas full year global retail sales forecast has been reduced to 1.24 million units, down 123,000 units compared to the prior year. This mainly reflects the sharp decline in sales in Europe and in other markets, where strong sales were achieved in the first half of the fiscal year. We now project year-on-year sales declines in all markets except China.
Source : www.theautochannel.com (2/5/2009)
Vauxhall workers take cut in hours
Workers at Vauxhall's factories in Ellesmere Port and Luton have agreed to take a cut in wages after a deal was reached to reduce their working hours.
The agreement is part of plans by Vauxhall's parent company, General Motors, to help reduce costs in the face of an unprecedented slump in global sales.
A package agreed by unions and management will result in workers at Ellesmere Port having their working week reduced from 38 to 30 hours, while staff at the company's Luton plant will have their hours cut from 38 to 34 per week.
The cut in hours will apply to around 2200 workers and will affect production of the Astra five-door model, and the Astra and Vivaro van ranges.
Source : www.whatcar.co.uk (2/5/2009)
What Car? winter driving checklist
Motorists hit by the snow can ensure they are fully prepared by printing off the whatcar.com winter driving checklist.
The document, which can be downloaded in PDF format so that it can easily be printed off, details everything you need to know before venturing out during winter.
Advice includes which parts of your car need special attention in winter, what you should carry in case of an emergency and what you need to do if you get stuck or break down.
Just click here to download the factsheet.
Whatcar.com's winter driving checklist is just one of 13 special advice sheets to help motorists.
Other subjects covered include how to haggle, how to buy new, used and pre-reg cars, how to take a test drive, what to do in an accident and the essential car checks you should undertake when collecting your new or used car.
Source : www.whatcar.co.uk (2/5/2009)
HIROSHIMA, Japan : Mazda Motor Corporation today reported its financial results for the first nine months (April to December) of fiscal year (FY) 2008 and announced its full year financial projections.
FY2008 Third Quarter (April-December) Results
Mazdas consolidated sales revenue was 2,087.9 billion yen in the first nine months of FY2008, down 17 percent over the same period in FY2007. Operating profit was 36.5 billion yen, down 66 percent versus the prior year, reflecting the yens appreciation against key currencies and a sharp deterioration in the global sales environment. Ordinary profit decreased 42 percent year-on-year to 52.1 billion yen, reflecting forward exchange contract gains. Consolidated net income was 28.9 billion yen, down 36 percent compared to the same period last year.
Mazda sold 964,000 vehicles globally in the first nine months of FY2008, down one percent versus the same period in 2007, due to a sharp slowdown in sales which began in the third quarter.
In Europe, Mazda achieved a year-on-year sales increase of six percent, to 242,000 units. Retail sales in China rose 38 percent over the prior year to 97,000 units, thanks to a sales boost resulting from the introduction of the new Mazda2 and a strong contribution from Mazda6 sales.
The sales volume in Japan was 164,000 units, down six percent year-on-year despite the newly launched Mazda Biante and Mazda Atenza (known as Mazda6 overseas) models positive effect on sales.
North American sales were 271,000 units through the third quarter, down 10 percent when compared to the first nine months of fiscal 2007. Of this, the US sales volume was 186,000 units. The new Mazda6 was well received, but this did not offset lower sales of existing models, resulting in a year-on-year decline of 14 percent. Mazdas share in the US rose 0.1 points during this period.
In other markets, combined total sales volume was down five percent to 190,000 units.
FY2008 Full Year Forecasts Mazda has revised all FY2008 full year projections downward, reflecting the sharp deterioration in the sales environment of global markets since October, and the expected impact of a further appreciation of the yen against key currencies. Sales revenue is projected to come in at 2,550.0 billion yen, a decrease of 27 percent compared with the prior year. Operating profit is forecast to be down 187.1 billion yen, resulting in an operating loss of 25 billion yen. However, ordinary profit is forecast to be limited to a loss of 15 billion yen mainly due to exchange hedging, and net income is projected to be negative 13 billion yen. Due to the rapid deterioration in business conditions, the share dividend has not been determined yet.
Mazdas full year global retail sales forecast has been reduced to 1.24 million units, down 123,000 units compared to the prior year. This mainly reflects the sharp decline in sales in Europe and in other markets, where strong sales were achieved in the first half of the fiscal year. We now project year-on-year sales declines in all markets except China.
Source : www.theautochannel.com (2/5/2009)
Vauxhall workers take cut in hours
Workers at Vauxhall's factories in Ellesmere Port and Luton have agreed to take a cut in wages after a deal was reached to reduce their working hours.
The agreement is part of plans by Vauxhall's parent company, General Motors, to help reduce costs in the face of an unprecedented slump in global sales.
A package agreed by unions and management will result in workers at Ellesmere Port having their working week reduced from 38 to 30 hours, while staff at the company's Luton plant will have their hours cut from 38 to 34 per week.
The cut in hours will apply to around 2200 workers and will affect production of the Astra five-door model, and the Astra and Vivaro van ranges.
Source : www.whatcar.co.uk (2/5/2009)
What Car? winter driving checklist
Motorists hit by the snow can ensure they are fully prepared by printing off the whatcar.com winter driving checklist.
The document, which can be downloaded in PDF format so that it can easily be printed off, details everything you need to know before venturing out during winter.
Advice includes which parts of your car need special attention in winter, what you should carry in case of an emergency and what you need to do if you get stuck or break down.
Just click here to download the factsheet.
Whatcar.com's winter driving checklist is just one of 13 special advice sheets to help motorists.
Other subjects covered include how to haggle, how to buy new, used and pre-reg cars, how to take a test drive, what to do in an accident and the essential car checks you should undertake when collecting your new or used car.
Source : www.whatcar.co.uk (2/5/2009)
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