Mazda loses £480 million

Mazda has reported a net loss of 71.49 billion yen (£480 million) in the last financial year.

That compares to a profit of 91.84 billion yen (£610 million) for the previous year.

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Mazda reported that its results were hit by the global economic crisis that slowed down demand for cars and the yen's surge against other major currencies.

Mazda's operating loss came to 28.38 billion yen (£190 million) against a profit of 163.15 billion yen (£109 billion) the year before.

Mazda expects to narrow net losses to 50 billion yen (£330 million), but expanded its operating loss forecast to 50 billion yen (£330 million) for the current fiscal year.