Japan’s Suzuki Motor Corp said on Tuesday its April-September operating profit more than doubled as healthy sales in India made up for its stagnant motorcycle business and a stronger yen, and it lifted its annual guidance as expected.
Suzuki, best known for its compact cars such as the Swift and Alto, has held on to its dominant position in the fast-growing Indian market, losing little share despite stiffer competition from rivals such as Hyundai Motor Co, Tata Motors Ltd and Toyota Motor Corp.
Suzuki, held one-fifth by Volkswagen AG, made an operating profit of 68.8 billion yen in the fiscal first half, up from 31.8 billion yen a year earlier. Net profit rose 143% to 30.4 billion yen.
For the year to March 31, 2011, Suzuki raised its full-year operating profit to 100 billion yen from 80 billion yen.
Maruti Suzuki India Ltd on Sunday reported a 5% rise in third-quarter net profit. The company warned of concerns over raw materials costs and currency volatility in the months ahead, while supply constraints are expected to hold back growth until more capacity becomes available more than a year from now.
Suzuki shares have risen 7% in the past three months. Shares rose 1.1% on Tuesday before the results were announced.