Mazda Motor Corporation has reported significant increases in profit levels for its financial year 2003. The Hiroshima-based company announced that 2003 operating profits represented the company's strongest performance in a decade.
Consolidated revenue was 2,916.1 billion yen (£15,236m), an increase of 9% over the financial year 2002. Operating profit increased by 39% to 70.2 billion yen (£367m), and net income, at 33.9 billion yen (£177m), was up 41%.
Mazda stated: “The significant increase in profits for financial year 2003 was driven by strong overall sales, favourable exchange rates and successful implementation of the company's ABC cost reduction initiative.”
The company predicts profit levels in the current financial year to be in line with 2003.