Mazda, Mitsubishi and Honda post record 2007 profit

[Plex]

While Ford is being praised for posting its surprise $100 million first quarter profit, its Mazda subsidiary has shocked just as many analysts with a record profit of $1.55 billion for 2007 � up 2% on 2006�s record level. The jump in profit was on the back of a 7% jump in revenues and a 5% increase in sales (1,363,000 units) worldwide.

The carmaker is so confident that it�s predicting an even better sales result in 2008 despite rising fuel prices, unfavorable exchange rates, and shrinking demand for new cars both in the U.S. and Japan � its two single biggest markets. Mazda is expecting sales in 2008 to increase to 1.48 million units.

Last year saw the introduction of a number of crucial models in Mazda�s lineup which help to explain its strong result. Cars like the new Mazda2, Mazda6 and CX-9 are selling beyond expectation.

In the year just ended, Mitsubishi�s global operating profit more than doubled to a record $944.3 million on the back of a surge in revenue of 22% or $23.3 billion.

Honda, too, recorded a record profit for the year despite a one-time corporate tax levied on its Chinese joint venture cutting profits in the last quarter by 86%, reports The Detroit News. For the fiscal year ending March 31, Honda said strong sales and cost reduction efforts boosted profits to $5.77 billion � a 1.3% increase on last year�s result.

Motorauthority