Subaru car maker Fuji Heavy Industries expects to post a loss for the fiscal year 2008 ending on 31 March.

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It has forecast a group net loss of JPY19bn compared with an original forecast of a JPY10bn profit, Kyodo News said.


Like other Japanese automakers, Fuji blamed slow sales due to global economic recesssion and the yen’s sharp rise against the US dollar and other key currencies.


It now expects a JPY9bn operating loss for the fiscal year compared with the JPY23bn profit projected last October, on sales of JPY1.44 trillion, down from the previously estimated JPY1.6 trillion, the news agency said.


Fiscal 2007 results were a JPY18.48bn net profit and JPY45.68bn operating profit from JPY1.57 trillion in sales.

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A year-end dividend payment now is unlikely.


Separately, Reuters reported Fuji Heavy had lowered its 2008/09 sales target to 555,000 units from 616,000 and would scrap plans for a new joint venture car plant with shareholder Toyota Motor.