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Monday, Sep 23, 2019

Suzuki beats expectations despite Maruti

Suzuki Motor Corp posted a 6.2% rise in quarterly operating profit on Monday even as labour unrest at its Indian subsidiary hit sales in its single-biggest market, and it kept cautious annual forecasts unchanged.

business Updated: Nov 07, 2011 22:03 IST

Reuters
Hindustantimes
         

Suzuki Motor Corp posted a 6.2% rise in quarterly operating profit on Monday even as labour unrest at its Indian subsidiary hit sales in its single-biggest market, and it kept cautious annual forecasts unchanged.

July-September operating profit at Suzuki, held 19.9 percent by Volkswagen AG, was 39.16 billion yen ($500.9 million), much better than the average estimate of 25.6 billion yen in a survey of seven analysts by Thomson Reuters I/B/E/S.

Net profit fell 13% to 13.28 billion yen.

For the year to next March 31, Suzuki kept its forecast for operating profit of 110 billion yen and net profit of 50 billion yen. Consensus forecasts from 20 analysts put the operating profit at 114.6 billion yen.

Shares in Suzuki have lost 18 percent in the year to date, in line with Tokyo's transport sector subindex . ($1 = 78.180 Japanese Yen)

First Published: Nov 07, 2011 11:55 IST