Fuji Heavy Industries Ltd., maker of Subaru vehicles, reported Friday a consolidated operating profit of 67.52 billion yen for the year through March 31, down 23.7 percent from fiscal 2001.
The company attributed the disappointing result mainly to a fall in domestic car sales and increased costs related to sales operations.
Its consolidated pretax profit also dropped 25.2 percent from fiscal 2001 to 58.57 billion yen in fiscal 2002.
However, its consolidated net profit rose 10.6 percent to 33.48 billion yen, due partly to reduced special losses. In fiscal 2001, Fuji Heavy incurred larger losses resulting from falling stock prices and the closure of related companies.
Group sales rose 0.7 percent from the previous year to 1.37 trillion yen in fiscal 2002.
Overall vehicle sales decreased 0.5 percent to 541,000, pushed down by a 7.1 percent plunge in domestic sales, to 246,000 units, due partly to fewer minicar sales.
Overseas sales increased 5.7 percent to 295,000 units, thanks to the brand's popularity in North America.
For the current business year, Fuji Heavy forecasts a consolidated operating profit of 62 billion yen, a consolidated pretax profit of 60 billion yen, a consolidated net profit of 35 billion yen and group sales of 1.45 trillion yen.
Fuji Heavy Industries President Kyoji Takenaka said the carmaker hopes to increase car sales in fiscal 2003 by introducing the remodeled Legacy wagon in Japan and turbo-charged models in the United States.