TOKYO, Aug 1 (Reuters) - Mazda Motor Corp on Wednesday posted a 17 percent drop in operating profit for the first quarter, as a rise in marketing expenses offset an increase in sales.
Operating profit at Japan’s fifth-largest automaker was 33.1 billion yen ($295.48 million) for the April-June period, versus 39.9 billion yen a year ago. However, this was better than an average estimate of 25.2 billion from seven analysts polled by Thomson Reuters I/B/E/S.
Mazda kept its forecast for a 28 percent slide in operating profit to 105 billion yen in the year to March, as it expects costs related to the upgrade of its U.S. dealerships and environmental compliance issues, as well as a strong domestic currency to overshadow a slight rise in global vehicle sales. ($1 = 112.0200 yen) (Reporting by Naomi Tajitsu; Editing by Himani Sarkar)