Japanese News Digest reports that major car importer Yanase & Co posted a net profit of 2.6 billion Japanese yen ($US21.2 million/21.4 milion euro) for the fiscal 2001/2002 ended September 30, 2002, compared to a net loss for the same period of fiscal 2000/2001.

The report said no comparative figures were available. The company’s sales revenue stood at 450.1 billion yen ($3.682 billion/3.718 billion euro) for fiscal 2001/2002, down 1.8% year-on-year.

Yanase will return its import rights on US car maker General Motor’s Cadillac cars and Sweden’s Saab Automobile’s SABB cars to GM’s Japanese unit, General Motors Japan, by the end of 2002, the company said on November 28, 2002.

Yanase aims to improve operation efficiency and to reduce costs by focusing on car retail and plans further to close down its loss-making outlets by 2004, the report added.