Mazda Motor Corp declined to give profit forecasts on Thursday and posted its lowest annual operating profit in eight years, as the coronavirus epidemic affected global demand for vehicles.
Japanese automaker # 5 profits hit 43.6 billion yen ($ 408 million) for the year ended March 31, nearly half the 82.3 billion yen a year earlier . and its lowest level since the year ended March 31, 2012.
Yet it surpassed a consensus estimate of 25.7 billion yen from 17 analysts polled by Refinitiv.
Mazda declined to give a profit forecast for the current fiscal year due to uncertainties regarding the long-term impact of the coronavirus on its operations and sales.
Last year, it saw a 9% drop in global vehicle sales to 1.42 million units, after a 20% drop in fourth quarter sales when vehicle factories and Auto showrooms have started. to be closed due to closure measures ordered in many countries.
The automaker has been particularly successful in China, its second largest market and the source of the coronavirus.
Global automakers have gradually started to resume operations in their vehicle factories, but weak demand, supply chain disruptions and factory distancing measures are expected to limit production in the coming months.
Any recovery in auto demand is expected to be slow and uneven with job losses and falling incomes that could weigh on consumer spending. Fewer commuters can also reduce the demand for new cars.
Some analysts estimate that global vehicle sales this year could drop by a third, a much steeper drop than the 11% drop in fiscal year 2009/10 amid the global financial crisis. .
(This story has not been edited by NDTV staff and is automatically generated from a syndicated feed.)
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