Mazda hit as sales plunge

Mazda Motor Corp. sank to a loss for the fiscal year ended March, sharing the fate of other Japanese automakers battered by the global slump and strong yen.

Hiroshima-based Mazda, Japan's fifth biggest automaker, reported a 71.5 billion yen ($732.6 million) loss for the fiscal year ended March 31, as sales plunged 27 per cent to 2.536 trillion yen.

A year earlier, Mazda had reported a 91.8 billion yen profit.

Mazda said one-time losses related to the value of overseas affiliates and the release of deferred tax assets also contributed to the red ink. The company said it expected to stay in the red for the fiscal year through March 2010 with a 50 billion yen loss on 2.030 trillion yen sales.