Suzuki Motor tripled its net profit forecast
By Andrew C., 30 Aug, 2010. 0 Comments
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Suzuki Motor had earlier given a net profit forecast for the financial year ending on March 31, 2010 to amount to JPY5 billion; but due to cost-cutting efforts, has now tripled this figure to achieve JPY15 billion. This new figure however represents a 45.3% drop year-on-year. In addition, Suzuki quadrupled its operating profit forecast from JPY 10 billion to JPY 40 billion, on sales down 23.5% to JPY2.3 trillion, according to a report from Kyodo News.
From April to September (the first half of fiscal 2009), Suzuki's net profit fell 63.4% year on year to JPY 12.51 billion due to a stronger yen and the global economic downturn. Operating profit dropped 47.5% to JPY 31.84 billion on sales down 31.3% to 1.18 trillion yen, hit by a weakness in its motorcycle business. While Suzuki has met high demand for new models in India and in some European countries like Germany and Britain due to government stimulus measures, demand remained weak in Japan and North America.
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