Subaru carmaker Fuji Heavy Industries returned to profit in the April-September period and more than doubled its group net profit projection for the entire fiscal 2010 ending next March due to robust car sales in North America and China.
Fuji said it booked JPY44.57bn in group net profit in a turnaround from a previous year loss of JPY21.73bn on sales up 26.5% to JPY803.99bn.
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The group net profit forecast for fiscal 2010 was raised from an earlier JPY23bn to JPY50bn with the sales outlook up 8.2% to JPY1.59 trillion. In fiscal 2009, the company incurred a net loss of JPY16.45bn on JPY1.43 trillion in sales.
Fuji Heavy attributed the upward revision to its projection that car sales are likely to remain robust in North America and China, helping the company to overcome the adverse impact of the yen’s appreciation against the US dollar. Kyodo News reported.
During the April-September period, the company sold 331,000 cars, up 36.4%. Its sales jumped 87.7% to 32,000 units in China and 33.4% to 144,000 units in North America due to the popularity of the Legacy line. Its sales in Europe gained 85.7% to 29,000 units and those in Japan were up 11.5% to 89,000 units.
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