Truck and diesel engine maker Isuzu Motors has reported a huge fall in its nine-month profits, leading the Japanese automaker to revise down its full year projections.
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In a statement today, the company said it posted a net profit of JPY18.36bn for the first nine months of fiscal 2008, down 70.1% year on year. Operating profit reached JPY37.57bn, down 50.8%, while sales fell 8% to 1.2 trillion yen.
Units sales, however, rose 4.7% to 346,571 vehicles worldwide.
Isuzu said it now expects an operating profit of JPY9bn on sales of 1.46 trillion yen for the current fiscal year, compared with JPY60bn and 1.65 trillion yen respectively forecast on 5 November.
“The company’s financial business performance is estimated to fall below the [previous] projection,” a statement said.
“The change… is in large part due to a decline of sales volume [because] the economy has been slowing down drastically [worldwide] and the yen appreciation [has been] more than the company estimated,” Isuzu added.
