Fuji Heavy sees 49% hike in net profit for current fiscal year

Article by Anita Panait, on November 1, 2013

Fuji Heavy Industries Ltd. has revised upward its profit and sales forecasts for the full fiscal year ending March 14, 2014.Fuji Heavy, which builds Subaru cars, now expects a 49-percent hike in its net income for the fiscal year to JPY178.0 billion ($1.81 billion) from JPY119.6 billion ($1.22 billion) a year earlier. The new profit forecast is on the back of an expected JPY2.3 trillion ($23.4 billion) in revenues in the fiscal full-year ending March 14, 2014, reflecting a 20-percent rise from JPY1.913 trillion ($19.48 biilion) in the year before.

Fuji Heavy previously expected to post JPY2.08 trillion ($21.18 billion) in revenues for the current fiscal year. The company also expects it its global sales for the fiscal year to surge 11 percent 807,300 units, from 724,500 in the previous fiscal year, boosted by soaring US demand for Subaru cars.  It had expected global sales or just around 751,500 units.

Subaru’s US sales has accounted for more than half its global volume and is still expected to drive the company’s global growth for this fiscal year. In fact, the carmaker expects to post a 22-percent rise in US sales to 434,800 units in the fiscal year. According to President Yasuyuki Yoshinaga, the company’s improved outlook builds on a more favorable yen-dollar exchange rate as well as booming US demand.

The company expects its sales in the US to grow for sixth consecutive years and post its fifth year of record results. Yoshinaga said that dealers have assured him that the company “can keep on going next year" saying that “there's no risk."

The yen's depreciation against foreign currencies is expected to boost Fuji Heavy's full-year operating profit by JPY133.4 billion ($1.36 billion). The yen-to-dollar exchange is expected to account for almost 95 percent of that windfall. [source: Subaru]

If you liked the article, share on:

Comments

Recommended

British luxury automaker Aston Martin celebrates its new partnership with the Henley Royal Regatta sporting event by designing a one-off DB11 sports car that they recently revealed. The car explores...
by - June 28, 2017
The 2018 Dodge Challenger SRT Hellcat as we know, is the Demon's less powerful sibling, and there’s nothing wrong with that. But have you ever imagined how it would look...
by - June 28, 2017
Sorry Uber, but Handsome Cabs taxi company has something no one else can offer - a Lamborghini Huracan that can take their clients from Point A to Point B. This...
by - June 28, 2017
BMW saw a potential oil leak on the new M760Li, prompting them to recall the said vehicle last April. Today, a little over two months after issuing the first recall,...
by - June 28, 2017
Without a doubt, the SUV segment is getting increasingly more saturated. This month alone, we were greeted with city-oriented SUVs from the Kia Stonic to the Hyundai Kona, and now...
by - June 27, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries