Mazda's losses shrink on disaster recovery

Mazda's losses shrink on disaster recovery, sales jump in North American, Japanese markets

Associated Press

TOKYO (AP) -- Mazda Motor Corp. says its losses for the April-June quarter shrank to 6.5 billion yen ($83.3 million) from the 25.5 billion yen of red ink it reported a year earlier.

The Hiroshima-based automaker suffered a setback from last year's quake and tsunami disaster that disrupted auto production. Like other Japanese automakers, it is recovering.

Mazda reported Tuesday its quarterly sales jumped 24 percent to 506.6 billion yen ($6.5 billion) as it sold more cars in North America and Japan. Mazda sold 300,000 vehicles for the quarter, up 6.5 percent.

The maker of the Miata sports car and CX-5 crossover sport-utility stuck to its full year forecast for selling 1.3 million vehicles and a 10 billion yen ($128 million) profit. It had a 107 billion yen loss the previous year.

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