Report: Subaru reduces loss forecast to almost half
By Andrew C., 30 Aug, 2010. 0 Comments
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Instead of JPY44 billion for the April-September first half of fiscal 2009-2010 as previously announced, Fuji Heavy Industries was able to halve its projected group net loss to JPY22 billion due to better than expected Subaru car sales in North America and China. Fuji told Kyodo News that the yen's lower than expected value against other major currencies and cost reductions have also contributed to the earnings forecast revision. This is a marked contrast to the JPY4.4 billion profit recorded in the first half of fiscal 2008-2009. Fuji Heavy made another revision, this time to the consolidated sales projection for the April-September period, pulling it up to JPY635 billion from an earlier predicted JPY624 billion against JPY744.2bn a year earlier. Expect the full details on November 2 as the company releases first half earnings estimates for full fiscal 2009-2010.
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