Fuji Heavy Projects 30% Decline In Annual Net Profit

Fuji Heavy Industries Ltd FUJHY projects a 30% drop in group net profit in the current fiscal year. Fuji expects a net profit of Y35 billion for the fiscal year ending March 2012, compared to Y50.33 billion, in the earlier year. The company also projects a 6.4% drop in sales to Y1.480 trillion, versus Y1.581 trillion. The forecast is based on an assumption that the dollar will average Y81 and the euro Y115 for this fiscal year. FUJHY shares fell 1.46% to close at $77.45 yesterday. Read more from Benzinga's Company news.