Mazda in third quarter

loss of nearly US$1b

TOKYO: Japan's Mazda Motor yesterday reported a third-quarter loss of almost US$1 billion, as the strength of the yen dented its export-dependent production. Mazda, Japan's fifth-largest car maker by volume, incurred a net loss of ¥72.97 billion (US$958 million) in the three months to December, much larger than the ¥2.67 billion loss reported a year earlier. At the operating level the company, based in Hiroshima in western Japan, fell into a loss of ¥32.64 billion in the quarter, from a profit of ¥1.05 billion in the corresponding period. Sales fell from ¥560.24 billion to ¥459.14 billion.

Singapore Airlines Q3 net profit down 53%

SINGAPORE: Singapore Airlines said yesterday its third quarter net profit tumbled 53 per cent from a year ago due to the impact of "persistently high" jet fuel prices. The airline, considered a bellwether for the industry, said net profit for the quarter fell to $135.2 million (US$108.5 million) from $288.3 million. "The persistently high jet fuel prices had adversely affected the group's performance," the airline said.

Sony sees bigger than expected US$2.9b loss

TOKYO: Ailing Japanese electronics giant Sony Corp warned it was heading for a bigger-than-expected US$2.9 billion annual loss, presenting a daunting task for incoming CEO Kazuo Hirai, who vowed to move quickly to turn things around. Overtaken by more innovative rivals such as Apple Inc and Samsung Electronics over the past decade, Sony posted a disappointing US$1.2 billion operating loss for October-December, normally a lucrative quarter with the Christmas and year-end sales, as it battled a strong yen and flooding in Thailand that ruptured supplies and a weak economy. The company's forecast for a ¥220 billion (US$2.9 billion) loss for the year to March, its fourth straight year of red ink, was close to double what the market had expected, and revealed the task ahead for Hirai, who takes over as CEO in April.!

China mulls bigger role in eurozone bailout

BEIJING: China's Premier Wen Jiabao said yesterday Beijing was considering getting more involved in a bailout of struggling eurozone economies, after talks with German Chancellor Angela Merkel. The German leader is in China for a three-day trip aimed at reassuring Beijing about the situation in Europe, where a sovereign debt crisis has seen a wave of credit-rating downgrades and brought Greece to the brink of bankruptcy. Agencies