Currency effects buoy Mazda Q4 2023/24

Mazda delivered a record full-year profit for 2023/24, as per its forecast, as it benefited from a richer sales mix of models such as the CX-90 crossover and hybrid variants of other models. While the improved performance is welcome, the company's margins were not at record levels and remain weak in comparison with (some) domestic and international competitors. Moreover, the company can't take all of the credit for the improvement, about a quarter of which was attributable to currency effects, rather than factors within its control.