Japan's Hino Q1 operating profit down 25 pct on strong yen, weak domestic sales

Thu. July 24, 2008; Posted: 04:17 AM

TOKYO, Jul 24, 2008 (Thomson Financial via COMTEX) -- HINOY | Quote | Chart | News | PowerRating -- Japanese truck and bus maker Hino Motors Ltd. on Thursday reported that its operating profit tumbled 25 percent in its fiscal first quarter ended June, hit by a strong yen and weak domestic sales.

A strong yen deflates overseas sales and profits when translated into the Japanese currency.

Leading automaker Toyota Motor Corp. owns 50.5 percent of Hino.

Hino posted operating profit of 7.36 billion yen ($68.3 million), compared with 9.84 billion yen the year before.

Net profit rose 3.5 percent to 6.89 billion yen thanks largely to the booking of one-off capital gains from sales of marketable securities.

Revenue increased 3.2 percent to 318.92 billion yen.

Sales of Hino trucks and buses outside Japan rose 28 percent to 18,556 vehicles because of robust demand in Asia, Latin America and the Middle East.

But sales in Japan dropped 5.6 percent to 8,790 vehicles.

Sales of vehicles Hino makes for Toyota to sell under the Toyota marque slipped 5.7 percent to 45,388 vehicles.

For the fiscal year ending March 2009, Hino is forecasting net profit of 22.0 billion yen, operating profit of 46.0 billion yen and revenue of 1.42 trillion yen, in line with the earlier projections made in April.

Hino said in April it was expecting to sell 79,000 trucks and buses abroad and 45,000 in Japan, and that it was targeting to sell 218,000 vehicles to Toyota.

yasuhiko.seki@thomsonreuters.com

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