Subaru maker Fuji Heavy Industries has maintained its forecast for a full year deficit having reported a heavy loss in its first fiscal quarter.

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The Japanese group said it had booked a group net loss of JPY19.29bn for the quarter compared with a JPY1.41bn a year ago.


Revenue fell 20.5% to JPY271.32bn. The company said sales of its redesigned Legacy line, plus strong demand in China and the US, did not compensate for falling vehicle sales in Russia and Europe, off 71.4% to 7,000 units.


Fuji Heavy reported an operating loss of JPY19.67bn compared with profit of JPY6.46bn.


Sales in Japan were down 23.1% to 33,000 units. However, China volume leapt 44% to 7,000 units and North America sales rose 13.6% to 45,000 units. Subaru is popular with ‘snow belt’ buyers in the US.


Fuji Heavy maintained its forecast of a full year net loss of JPY55bn and operating loss of JPY35bn.

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