TOKYO, April 25 (Reuters) - Mazda Motor Corp, the smallest of Japan's top five automakers, said on Friday hefty cost cuts helped profits jump 77 percent last year as it projected further growth powered by new models like the Mazda6/Atenza sedan.
Mazda, which is one-third owned by Ford Motor Co , reported preliminary operating profit for the year to March 31 of 50.6 billion yen ($422.4 million), compared with 28.55 billion yen the year before.
That was in line with the company's projection of 50 billion yen and a consensus analyst forecast of 50.5 billion yen, according to a survey by Reuters Research.
For 2003/04, Mazda said it expected to extend its profit to 65 billion yen. The Hiroshima-based automaker, which has a relatively big exposure to Europe, is also expected to benefit this year from stronger sales in that region as well as a weaker yen against the euro.
Mazda, now in the midst of a five-year turnaround plan, is counting on models like the award-winning Mazda6/Atenza sedan and Mazda2/Demio subcompact to boost global sales and put the company on a firm recovery track.
In early morning trade, Mazda's shares were up 0.95 percent at 213 yen. They have fallen six percent this year, but have outperformed the wider Tokyo market by 3.5 percent. ($1=119.79 yen)