Mazda predicts return to profitability for current fiscal year

Japanese automaker Mazda said Friday that it expects to return to profitability over the course of the current fiscal year, and reported earnings of 11.1 billion yen ( 124 million dollars) for the October to December quarter.

Revenue for the company was also up 9 percent year on year and stood at 557.6 billion yen (6.2 billion dollars). The company said that it had returned to profitability using all measures and that sales were up 9 percent year on year.

For the fiscal year, the company said it expects to make a profit of 5 billion yen (56 million dollars), revising its estimate upward by 17 billion yen (190 million dollars).

The company credited the upturn in profits and outlook to a restructuring of its business, which allows it to maintain profitability even with a strong yen.

Despite the upturn, Mazda still logged a net loss of 16.39 billion yen (183 million dollars) over the first nine months of the fiscal year.