Mazda Motor Corp cut its annual profit forecast by nearly half on Frida...
) cut its annual profit forecast by nearly half on Friday as the Japanese automaker expects a strong yen and falling cars sales in the United States and China, its biggest markets, to drive earnings to a seven-year low.
Japan’s fifth-largest automaker expects to post 60 billion yen in operating profit for the year ending March, down from a prior outlook of 110 billion yen, and lower than a mean forecast of 69.5 billion yen from 20 analysts polled by Refinitiv.The downgrade comes after operating profit came in at 18.8 billion yen in the July-September quarter, above analysts’ forecast of 14.4 billion yen, although profit fell for the fourth straight quarter.
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