Fuji Heavy logs 70 bln yen net loss in FY 2008

Special Report: Global Financial Crisis

TOKYO, May 8 (Xinhua) -- Fuji Heavy Industries Ltd. on Friday reported a consolidated net loss of 69.93 billion yen (706.36 million U.S. dollars) in fiscal 2008 ending March 31.

As car sales are still on the decrease amid the global financial crisis, the company further projected a loss of 55 billion yen (555.56 million dollars) in fiscal 2009.

According to Fuji Heavy, the sharp appreciation of the Japanese yen as well as the costs of releasing new cars also contributed to the company's first yearly net loss in 15 years.

Meanwhile, Fuji Heavy also predicted a loss of 40 billion yen (404.04 million dollars) in pretax loss on sales of 1.32 trillion yen (13.33 billion dollars), down by 8.7 percent on the previous year.