Fuji Heavy Industries Posts 23.6% Decline In Annual Net Profit

Fuji Heavy Industries Ltd

reported a 23.6% drop in its net profit in the last fiscal year. Fuji Heavy Industries' net profit fell to Y38.45 billion for the fiscal year ended March 31, versus Y50.33 billion, in the year-ago period. Its sales declined 3.9% to Y1.520 trillion from Y1.581 trillion, while operating profit dropped Y43.96 billion from Y84.14 billion. For the current fiscal year ending March 2013, the company projects its net profit to grow by about 25% to Y48.00 billion. Sales are expected to surge 22.4% to Y1.860 trillion. Fuji Heavy Industries closed at $14.32 yesterday.