Daihatsu Motor has reported a sharp fall in full year net income as sales contracted 4.2% and it struggled with the global downturn and rising yen.
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The Toyota subsidiary said that group net profit fell 36.8% to JPY22.07bn, with pretax profits diving 40.7% to JPY39.46bn. Operating profits were also down considerably – 41.4% – to JPY38.19bn.
The compact car specialist said that sales contracted 4.2% to 1.63 trillion yen, although the company’s worldwide sales on a unit basis, including those built for OEM supply to other domestic automakers, grew 2.2% to 1.37m units.
The rising yen hit the company hard, with foreign exchange losses of JPY3.3bn yen over the year. This was up on JPY1.8bn in fiscal ’07/’08.
The profit and sales decline in fiscal 2008 was the first in seven years.
