Subaru's annual profit halves; earnings released early after snafu

TOKYO - Japanese automaker Subaru Corp said on Friday its operating profit for the past year halved after it suffered a string of setbacks including production delays and mounting recalls.

The results, officially released at 10:25 a.m. instead of the scheduled 1:00 p.m., showed operating profit fell 48.5 percent to 195.53 billion yen in the year ended in March, in line with analysts’ estimates. Under the previous Japanese accounting standards, operating profit would rise 28 percent to 250 billion yen, it said.

Subaru’s recent production- and quality-related issues are the side effects of its rapid growth following a ramp-up in output in the United States in the past few years to keep up with booming demand from for its rugged-looking models.

They also lost manufacturing of the Camry to Toyota which I assume is the actual reason profits are down.

subaru_usa BRING THE LEVORG TO AMERICA AND I WILL BUY ONE

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