Subaru share price: Earnings report shows profit halved in last year
Japan’s Subaru released its earnings results early on Friday, showing profit halved last year
Subaru’s last financial year operating profit was down 48.5% at $1.78 billion. The Japanese automaker released its report hours ahead of schedule, uploading its financials on its website earlier than intended .
The Janapense automaker said it withdrew the material, but not before it was disseminated on social media.
Subaru share price
Subaru shares in the company dropped more than 2% after the figures were leaked.
Subaru then officially released the figures, at 10:25 a.m. (0125 GMT) instead of the scheduled 1:00 p.m.
‘We deeply apologise for the trouble this has caused,’ Subaru said in statement.
Subaru earnings report highlights
The results showed operating profit fell 48.5% to 195.53 billion yen ($1.78 billion) in the year ended in March.
For the year through March 2020, Subaru expects operating profit to rise 260 billion yen.
Operating profit reported 260 Billion Yen Versus 195.53 Billion Yen in the year just ended.
Net Profit came in at 210 Billion Yen versus 147.81 Billion Yen in previous year.
Revenue came in at 3.310 Trillion Yen versus 3.161 Trillion yen in the year just ended.
Subaru has suffered recent setbacks involving underlying costs related to production delays, after the discovery of a defective steering component stopped output.
The setbacks put production behind schedule in Japan for two weeks in early 2019.
Costs related to vehicle recalls in Japan also set the company back, after it admitted to cheating on domestic quality inspections. US sales took a hit after the scandal.
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