October 31, 2018 / 6:18 AM / 10 months ago

Mazda posts Q2 operating loss on compliance costs, recalls

TOKYO, Oct 31 (Reuters) - Mazda Motor Corp on Wednesday reported an operating loss in the second quarter due to costs related to compliance with environmental regulations and recalls, while the Japanese automaker also grapples with lower global sales and a cut to production after key plants at home were hit by flooding.

Japan’s No. 5 automaker posted a 2.2 billion yen ($19.4 million) operating loss in July-September, compared with a 36.55 billion yen profit a year ago. Analysts were expecting a profit of 12.9 billion yen, the mean estimate in a Refinitiv poll.

Mazda also lowered its forecast for full-year operating profit to 70 billion yen, which would be a 52 percent cut from a year ago and down from an earlier forecast for 105 billion yen, based on the assumption that the yen will trade around 110 yen to the U.S. dollar, from an earlier forecast for 107 yen. ($1 = 113.2600 yen) (Reporting by Naomi Tajitsu; Editing by Amrutha Gayathri)

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