Fuji Heavy Industries Ltd. on Friday expanded its group net loss projection for fiscal 2008 to ¥70 billion, up from an earlier estimate of ¥23 billion in light of slipping sales amid the global economic crisis.
The loss at the maker of Subaru brand cars would mark its second-largest since fiscal 1990, when it booked an ¥86.9 billion loss.
The loss projection for the year that ended March 31 grew partly because the company reduced its deferred tax assets it had booked in anticipation of better earnings results for the coming years.