Suzuki's net profit more than doubles on robust Asian sales

November 02, 2010 | 16:36

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Japanese carmaker Suzuki Motor said Tuesday its net profit more than doubled in the first six months to September and raised its full-year earnings outlook thanks to robust sales in Asia, notably India.

Suzuki, which controls nearly half of India's booming car market through its Maruti Suzuki subsidiary, posted a net profit of 30.41 billion yen ($377 million) in the six months to September -- up 143 per cent from 12.51 billion yen a year earlier.

Sales grew 11.6 per cent to 1.32 trillion yen in the first half of the financial year to March 2011, from 1.18 trillion a year earlier.

Operating profit more than doubled to 68.81 billion yen from 31.84 billion.

Thanks to brisk sales in Asia, the company posted larger sales of 463.7 billion yen in the region -- namely India, Indonesia, Pakistan and Thailand -- up 27.7 percent from a year earlier.

For the year to March, Suzuki lifted its earnings outlook despite a higher yen, which eats into repatriated sales for Japanese exporters.

It now expects a net profit of 35 billion yen, up from 30 billion yen previously forecast, an operating profit of 100 billion yen, up from 80 billion yen, and sales of 2.55 trillion yen, up from 2.50 trillion.

For the second half of the year to March, the automaker now assumes an exchange rate of 80 yen to the dollar and 110 yen to the euro.

AFP

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