Truck and bus maker Hino Motors consolidated net profit in the April-June quarter grew 2.5 times from the same period the year before to 6.27 billion yen, helped by strong sales and reduced book impairment losses on fixed assets, Kyodo News reported.
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Hino, part of the Toyota Motor group, said its group sales rose 7.8% to 267.37 billion yen during the period. A 4.8% rise in vehicle sales in Japan and a 17.1% surge in production consigned by Toyota largely contributed to group sales growth.
Group pretax profit declined 45% to 4.80 billion yen due to increased costs for new business expansion overseas and other factors.
But reduced losses on fixed assets to 631 million yen from 4.31 billion yen a year before under the asset impairment accounting standard helped boost net profit.
Net profit per share rose to 10.92 yen from 4.42 yen the same period the year before.
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By GlobalDataHino maintained its group earnings projections for the 2005 business year to the end of March 2006, with net profit at 27.5 billion yen and pretax profit at 40.3 billion yen on sales of 1,170 billion yen, Kyodo News said.
