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Mazda CEO Hisazaku Imaki Announces First Half Financial Results for Fiscal Year 2008
By Amarendra Bhushan for CEOWORLD Magazine Updated:October 31, 2008
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The head of Mazda Motor Corp said he did not expect any change in the Japanese automaker’s relationship with Ford Motor Co, rumors were that the struggling U.S. automaker would sell part of its controlling stake.
“We’ve had a relationship with Ford since the 1970s, Our ties are so close that you can’t tell how much of the company is Mazda and how much of it is Ford. We don’t expect that there will be any change in this relationship..” CEO Hisazaku Imaki told a news conference.
Hisakazu Imaki, Mazda chief executive, said at the company’s quarterly earnings briefing: “The relationship is such that it’s difficult to tell where Mazda ends and Ford begins. As far as I’m concerned, nothing is going to change.”
Mr Imaki said he could neither confirm nor deny whether Ford would sell its stake.
Mazda Announces First Half Financial Results for Fiscal Year 2008
FY2008 First Half Overview
Global sales volume up 6 percent year-on-year to 701,000 units
Consolidated sales revenue down 5 percent year-on-year to 1,575.5 billion yen
Consolidated operating profit down 17 percent year-on-year to 60.7 billion yen
Consolidated net income up 2 percent year-on-year to 29.5 billion yen
FY2008 full-year forecast reflects material price hikes and the deterioration of the global sales environment
In the first half of FY2008, Mazda’s global sales volume was 701,000 units, up 6 percent year-on-year, on contributions from the Mazda2 (known as the Demio in Japan) and Mazda6 (Atenza) which were launched last fiscal year. Consolidated sales revenue was 1,575.5 billion yen, a 5 percent decrease compared to FY2007 first half results, due to a change in accounting standards and the impact of exchange rates. Operating profit for the first half of FY2008 was 60.7 billion yen, down 17 percent compared with the prior year, but 10.7 billion yen better than Mazda’s original forecast announced at the beginning of this fiscal year. The operating profit decline was a result of the exchange impact of the stronger yen against key currencies and material price hikes which exceeded volume and model mix improvements. Ordinary profit was 48.5 billion yen, down 16 percent year-on-year. However, consolidated net income was up 2 percent to 29.5 billion yen.
On a geographic basis, retail sales volumes for the first half improved year-on-year in Europe, China and in other regions. In Japan, Mazda recorded 123,000 unit sales, about the same as a year ago. With contributions from new model launches – including the new Mazda Biante and new Mazda6 (Atenza) – market share in Japan increased 0.1 percentage points, to 5.1 percent, despite a contraction in new vehicle market demand. In North America, Mazda’s sales declined 6 percent year-on-year to 200,000 units. However, Mazda’s U.S. market share improved 0.1 points, to 1.9 percent, attributable to the launch of the new North American Mazda6, and strong sales of the Mazda3 and Mazda5 on robust demand for small cars. In Europe, first-half sales increased 17 percent year-on-year to reach 179,000 units, reflecting continued growth due to contributions from the new Mazda2, new Mazda6, Mazda CX-7, and Mazda3. Sales in China were up 53 percent over the prior year, to 63,000 units. Sales in other global markets rose 5 percent to 136,000 units.
Mazda’s Representative Director, Senior Managing Executive Officer and CFO, David E. Friedman, said, “Mazda achieved better year-on-year sales volume performance in the first half of fiscal year 2008, led by the successful launch of our new models last fiscal year and the great reception they have received. We also beat our initial first half operating profit forecast, announced at the beginning of the fiscal year. However, we expect the third quarter and onward to present a challenging business environment. To meet the challenges ahead, Mazda will continue to accelerate business efficiency and cost innovation initiatives in addition to improving brand value.”
Mazda Motor Corporation has announced the following executive officer changes, effective January 1, 2009, and personnel changes, effective November 1, 2008.
Executive officers (effective January 1, 2009)
Seita Kanai
Current Post:
Director, Senior Managing Executive Officer. In charge of R&D;President, Mazda Engineering & Technology Co., Ltd.
New Post:
Director, Senior Managing Executive Officer, In charge of R&D and Program Management; President, Mazda Engineering & Technology Co., Ltd.
Kazushi Tonoi
New Post:
Deputy General Manager Corporate Planning Div. (Effective October 14, 2008)
Shinso Morikawa
Current Post:
General Manager, Vehicle Production Dept. No.1, Hiroshima Plant
New Post:
Staff Manager, Hiroshima Plant
Masao Harada
Current Post:
Dispatched to Mazda North American Operations
New Post:
General Manager, Vehicle Production Dept. No.1, Hiroshima Plant
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Bruce McIntire on Fri, 31st Oct 2008 6:35 am
Great post. I will read your posts frequently. Added you to the RSS reader.
insuranceslowprices » Blog Archive » Mazda CEO Hisazaku Imaki Announces First Half Financial Results … on Fri, 31st Oct 2008 7:09 am
[...] The head of Mazda Motor Corp said he did not expect any change in the Japanese automaker’s relationship with Ford Motor Co, rumors were that the struggling U.S. automaker would sell part of its controlling stake. Mazda CEO Hisazaku Imaki Announces First Half Financial Results … [...]