Posted Monday, May 18, 2020 at 10:36pm
Subaru Corp on Monday posted a 15.7% rise in annual operating profit in the year that ended in March as it recovered from a raft of product recalls last year, but warned that sales of its cars would take a hit from the coronavirus outbreak.
Profit rose to 210.3 billion yen ($1.96 billion) for the year just ended, from 181.7 billion yen a year earlier under international financial reporting standards. It exceeded a consensus estimate of 204.7 billion yen profit drawn from 17 analysts polled by Refinitiv.
Global automakers are struggling to recover from the coronavirus, which has pummelled car sales as shelter-in-place orders in many countries clobbered car demand, while plant workers had been left unable to commute to work.
Though Subaru and its rivals have begun to restart vehicle factories, anaemic demand, supply chain disruption and social distancing measures at factories are expected to limit output in the coming months.