August 1, 2019 / 6:34 AM / 4 months ago

Mazda posts 79% drop in Q1 operating profit on weak U.S., China sales

TOKYO, Aug 1 (Reuters) - Mazda Motor Corp posted a 79% drop in first-quarter operating profit on Thursday as it continues to struggle with falling sales in the United States and China, while a strengthening yen also cut into its bottom line.

Operating profit at Japan’s No. 5 automaker came in at 7.0 billion yen ($64 million) in April-June, down from 33.1 billion yen a year ago and less than half of forecasts for 18.5 billion yen from analysts polled by Refinitiv.

Despite the profit drop, Mazda maintained its forecast for annual operating profit to rise 33 percent to 110 billion yen in the year ending March. ($1 = 109.2000 yen) (Reporting by Naomi Tajitsu; Editing by Himani Sarkar)

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