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Subaru Cuts First-Half Profit Forecast by 45%
Subaru Inc. says the cost of domestic recalls will slash its first-half operating profit in April-September to 61 billion yen ($544 million), down 45% from its previous guidance.
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Subaru Inc. says the cost of domestic recalls will slash its first-half operating profit in April-September to 61 billion yen ($544 million), down 45% from its previous guidance.
The new figure is 71% below the 212 billion yen in operating profits Subaru generated in April-September 2017. The company blames the cost of recalling 395,000 vehicles in Japan to re-do government-required safety inspections. Subaru admitted a year ago that for 30 years it used uncertified employees to perform the tests.
Subaru says it now expects revenue in its fiscal first half will total 1.5 trillion yen ($13.2 billion). The new figure is 2% greater than its previous guidance but 8% below its sales in the same period last year.
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