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Companies

Japan's Subaru books 52% profit slide in first quarter

     © Reuters

TOKYO (Reuters) -- Subaru Corp on Monday reported a 51.8 percent fall in operating profit for the first quarter due to lower global sales, particularly in the United States, while discounts on U.S. sales also stung the automaker's bottom line.

Profit at the smallest of Japan's major automakers came in at 57.6 billion yen ($517.38 million) in April-June, down significantly from 119.3 billion yen a year prior.

The result compared with a 63.6 billion yen average of seven analyst estimates compiled by Thomson Reuters I/B/E/S.

Subaru maintained its forecast for full-year profit to slide 21 percent to 300 billion yen in the year through March, due to the impact of a strong domestic currency and higher U.S. marketing expenses.

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