UPDATE 1-Subaru parent ups profit forecast, cites better pricing
* Raises April-Sept. operating profit forecast by 34 pct
* Subaru selling well in U.S. without cashback rebates
* China sales plunge in September
* Firm to announce Q2 earnings on Oct. 30
TOKYO, Oct 23 (Reuters) - Japanese automaker Fuji Heavy Industries Ltd raised its forecast operating profit for the six months to September by 34 percent, as higher prices for its Subaru brand cars in the United States more than offset lower sales in China.
Subaru sales rose 27 percent between April and September in North America, which accounts for half of its global sales, slightly ahead of the firm's own forecast.
The U.S. sales gains came despite very low discounting on Subaru cars and SUVs. Unlike its larger rivals Toyota motor and Nissan Motor, Subaru has taken advantage of recovering U.S. demand without offering cashback rebates on models like the Forester and Outback.
Fuji Heavy said in a statement it now expected a first-half operating profit of 43 billion yen ($539 million), up from a previous forecast of 32 billion yen.
The firm saw sales fall 64 percent in September in China, following a territorial row that sparked anti-Japan protests and boycotts of Japanese goods. China accounts for about 7 percent of total sales.
The automaker, which said overall vehicle sales for the half were below its forecast, is set to announce further details when it releases its second-quarter earnings on Oct. 30.
Shares in Fuji Heavy rose 4.2 percent in a slightly firmer overall market.
- Radar showed missing plane may have turned back: Malaysia military
- Malaysian jetliner may have turned back before vanishing |
- Malaysian plane presumed crashed; questions over false IDs |
- CORRECTED-UPDATE 4-Malaysia Airlines plane crashes in South China Sea with 239 people aboard - report
- Malaysian jet's disappearance among rarest of aviation disasters