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ECONOMY

5 of 7 major Japanese automakers post lower operating profits

  • August 5, 2019
  • , Jiji Press , 9:04 p.m.
  • English Press

Tokyo, Aug. 5 (Jiji Press)–Five of seven major Japanese automakers reported lower group operating profits for April-June, dampened by the yen’s rise and falling overseas sales.

Nissan Motor Co.’s <7201> operating profit dived 98.5 pct from a year before to 1.6 billion yen, hit by sales declines in all major markets except for China.

 

Mitsubishi Motors Corp. <7211> and Mazda Motor Corp. <7261> were affected by the yen’s appreciation against the euro and the Australian dollar. Mitsubishi’s operating profit plummeted 86.3 pct to 3.8 billion yen, and Mazda’s operating profit plunged 78.8 pct to 6.9 billion yen.

 

Suzuki Motor Corp. <7269> and Honda Motor Co. <7267> also posted lower operating profits due to sluggish sales in India.

 

Toyota Motor Corp. <7203> logged record sales for April-June, thanks to strong vehicle demand in Japan and Europe. Still, it cut its operating profit forecast for the year through March 2020, citing the yen’s advance.

 

Subaru Corp. <7270> secured growth in its sales and profit in April-June, driven by stronger demand in Japan and the United States.

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