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.
This information has been prepared by IG, a trading name of IG Markets Ltd and IG Markets South Africa Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.
Seize a share opportunity today
Go long or short on thousands of international stocks.
- Increase your market exposure with leverage
- Get spreads from just 0.1% on major global shares
- Trade CFDs straight into order books with direct market access
Live prices on most popular markets
- Forex
- Shares
- Indices
Prices above are subject to our website terms and agreements. Prices are indicative only
