Fuji Heavy raises profit projection

Kyodo

Subaru vehicle maker Fuji Heavy Industries Ltd. has revised upward its profit forecast for the April to September period on the back of brisk sales of luxury models.

For the first half of the year ending in March 2013, the company now expects group net profit of climb to ¥40 billion against ¥23 billion forecast in May, on sales of ¥898 billion, down from ¥910 billion. The company anticipates a group operating profit of ¥43 billion against ¥32 billion.

Fuji Heavy cut its sales forecast for the reporting period after worldwide vehicle sales fell below the anticipated 356,000 units, but added that strong sales of high-end models with higher margins are pushing up net profit.