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Suzuki Q1 operating profit quadruples; keeps forecasts

Suzuki Q1 operating profit quadruples; keeps forecasts
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First Published: Tue, Aug 03 2010. 11 23 AM IST
Updated: Tue, Aug 03 2010. 11 23 AM IST
Tokyo: Japan’s Suzuki Motor Corp posted its highest quarterly operating profit in two years as sales zoomed in India, and stuck to its cautious guidance amid a softer euro, India’s monetary tightening and other risks.
Suzuki, in which Volkswagen took a 19.9% stake this year, reported an operating profit of 31.95 billion yen ($369 million) for the April-June quarter, up from 6.86 billion yen a year earlier and beating the average 24.5 billion yen estimated by five analysts surveyed by Reuters.
Suzuki weathered the financial crisis better than most thanks to a product line-up heavy on cheaper, small cars such as the Swift hatchback, and to its dominance in the fast-growing Indian market.
For the year to March 2011, Suzuki, also the world’s third-biggest motorcycle maker, kept its operating profit forecast at 80 billion yen, roughly flat from last year. A survey of 19 analysts by Thomson Reuters I/B/E/S forecasts profit of 96 billion yen.
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First Published: Tue, Aug 03 2010. 11 23 AM IST