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Old 02-04-2011, 05:27 AM   #1
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Default Mazda posts $33.1 million loss for quarter

TOKYO (Bloomberg) -- Mazda Motor Corp. posted a net loss of 2.7 billion yen ($33.1 million) for the three months ended Dec. 31 after a stronger yen cut the competitiveness of its exports.

Mazda's loss, its first in two quarters, compared with a profit of 4.4 billion yen a year earlier, it said in a statement today. Sales rose 0.5 percent to 560 billion yen during the quarter.

Mazda, which produces about 70 percent of its vehicles in Japan, has a higher ratio of exports than larger rivals Toyota Motor Corp., Nissan Motor Co. and Honda Motor Co. The yen traded at 81.63 against the dollar as of 3:25 p.m. in Tokyo and reached a 15-year high of 80.22 in November.

Mazda reiterated a full-year 6 billion yen profit forecast, while sales may reach 2.3 trillion yen.

The automaker's nine-month net income was 2.85 billion yen, compared with a 16 billion yen loss a year earlier.

Mazda shares fell 2.5 percent to close at 238 yen on the Tokyo Stock Exchange. The stock has risen 2.2 percent in 2011.
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