Profits rise on weak yen

Mazda and Fuji Heavy Industries posted second-quarter profit growth as the weak yen made their exports more lucrative. The companies ship about 80 per cent of their Japanese-made vehicles overseas and the results were helped by strong automotive sales in the US. Driven by huge registration of the Forester and Legacy, Subaru recorded a 34th straight month of sales growth in September. Mazda’s profit grew 27 per cent to 47.59 billion yen ($552.1m) in July through to September. The marque kept its annual profit forecasts unchanged and slightly increased its revenue forecast. Fuji Heavy, the smallest of Japan’s eight passenger car makers, raised its full-year operating profit forecast to 382b yen from 340b yen. It now expects to sell 22,000 more vehicles overseas this year than initially forecast thanks to strong North American sales, although it now sees weaker-than-expected sales in Japan and Europe. Fuji Heavy’s quarterly operating profit jumped 32 per cent to 106.94b yen, beating the consensus forecast of 95.34b yen. Revenue rose by 24 per cent.