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Monday April 10, 7:56 AMFuji Heavy 05/06 profit to rise 19 pct-paperTOKYO, April 10 (Reuters) - Fuji Heavy Industries Ltd. , the maker of Subaru cars, will likely post a 19 percent rise in 2005/06 profit thanks to a weaker yen, the Nihon Keizai business daily reported.The paper said on Saturday the maker of all-wheel-drive cars is expected to report a group operating profit of more than 50 billion yen ($423 million), compared to the company's February forecast of 49 billion yen. Analysts, on average, project a 49.7 billion yen profit in a poll by Reuters Estimates. Global car sales at Fuji Heavy, owned 8.7 percent by Toyota Motor Corp. after it dissolved its capital ties with General Motors Corp. late last year, would likely have dropped to around 574,000 vehicles, the paper said. Demand in Europe has been strong, but sales in its home Japanese market and the all-important North America, which represents a third of Fuji Heavy's total vehicle turnover, have been sluggish. Its profit was boosted as the yen weakened to the 117-yen range, compared to the company's estimate of 111 yen to the dollar, the paper said. Sales would likely have totalled around 1.48 trillion yen, up 2 percent from a year earlier, the paper added. A Fuji Heavy spokesman said the figures were the paper's speculation and declined to comment on the report. He said the company planned to announce its 2005/06 earnings results in May. ($1=118.20 Yen) |
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