JAPAN: Overseas sales restore Fuji profitability
Subaru carmaker Fuji Heavy Industries returned to profitability in the April-December period as growth in overseas vehicle sales offset the impact of the yen's strength, causing it to raise its full-year projections.
Fuji posted a net profit of JPY58.41bn in the nine months ended December, a turnaround from a net loss of JPY15.22bn a year earlier.
Sales rose 16% to JPY1.175 trillion from JPY1.012 trillion, as its core model - the Legacy - saw higher sales in North America and China, while demand in Russia was also strong. Operating profit surged to JPYY73.48bn from JPY3.88b, Dow Jones reported.
Growing sales in North America and cost-cutting efforts prompted the carmaker to raise its net profit projection to JPY63bn from its previous forecast for JPY50bn. The car maker lifted its sales outlook to Y1.600 trillion from its earlier forecast for Y1.590 trillion.