Mazda profit plunges 63%

[tekkie]

MAZDAS PROFIT PLUNGES 63%. Mazda Motor Corp.netted $21 million in the fiscal first quarter ended June 30 vs. $56 million a year earlier because of a $67 million loss on foreign exchange hedging. The companys revenue rose 11% to $6.9 billion, thanks mostly to the weak yen. Worldwide volume slipped
0.8% to 323,000 vehicles. But benefit of the yens decline was wiped out by a
wrong-way bet on the currency. The company set up hedges against the risk of a big increase in the yens valueand lost money when it depreciated instead.

Source Autobeat daily

 

[BlackCherry06]

It's all the new clutches, differentials and turbos they've been replacing under warranty.

 

[JCell]

lol, plus they too a pretty heavy hit when their boat sank...

 

[BlackCherry06]

Nah....their insurance carrier covered that. The only effects they may have felt from that is people getting impatient waiting for their cars to arrive from Japan and buying something else.

 

[CrazyCaker]

It has nothing to do with ppl not buying their products (volume only decreased by 0.8%). If you read the statement, it clearly states that the loss was because of a bad currency investment.

 

[evilmonkeyMSP]

X2

It has nothing to do with ppl not buying their products (volume only decreased by 0.8%). If you read the statement, it clearly states that the loss was because of a bad currency investment.

 

[BlackCherry06]

I was just kidding..I read it.

 

[tekkie]

It has nothing to do with ppl not buying their products (volume only decreased by 0.8%). If you read the statement, it clearly states that the loss was because of a bad currency investment.

probably because they messed up the excel spreadsheets and did not save them (rofl)

 

[CrazyCaker]

probably because they messed up the excel spreadsheets and did not save them (rofl)

s*** happens. Maybe they should have outsourced, I would have been glad to help.