Fortunately it wasn't because of falling sales. Rather, Mazda's profit for the first fiscal quarter dropped from 11.6 billion yen to a mere 419 million yen because of a 21.2 billion yen loss due to new accounting standards for its assets. Sales actually rose 4% for the automaker and operating profit was up 14% over the previous year. Despite the huge hit, Mazda has maintained its profit outlook for the full year that ends next March at 55 billion yen, which would still be a 20% improvement over 2004.

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