BUSINESS INFORMATION - Japan's Mazda Motor Corp. Monday said it cut the projected

BUSINESS INFORMATION - Japan's Mazda Motor Corp. Monday said it cut the projected losses in the financial year ending in March because of its sales rise better than expected.

The fifth largest car maker now estimates that Japan's return to profitability in the second quarter of fiscal year.

For the full year to March 2010, the company estimates net losses 26 billion yen (290 million U.S. dollars), compared with the previous estimate of 50 billion yen loss. Previous year 71.49 billion yen loss.

Revenues expected to decline 16 percent to 2.13 trillion yen, better than the previous projection of 2.03 trillion yen, said Mazda, which is part owned by U.S. auto giant Ford Motor Co..

Now the company estimates that 1155 million vehicles sold worldwide in this business year.

Mazda also announced plans to raise funds up to 95.88 billion yen, partly through the sale of new shares, to finance research and development of environmentally friendly vehicles and other products.