Suzuki 3rd-Quarter Profit Rises 5 percent on Higher Demand
suzuki Motor Corp., Japan's largest minicar maker, reported a 5 percent gain in its third-quarter profit after the company sold more vehicles and motorcycles.
Net income totaled 17 billion yen ($145 million) in the three months ended Dec. 31, compared with 16.2 billion yen in the year ago period. Sales increased 18 percent to 679.5 billion yen. Third-quarter earnings were derived by subtracting suzuki's first-half figures from nine-month results published today.
suzuki, 20 percent owned by General Motors Corp., is expecting a third year of record earnings thanks to rising sales of Swift compact cars, Grand Vitara sport-utility vehicles and other models. suzuki, the world's third-largest motorcycle maker, also sold more two-wheeled vehicles in Europe and Asia.
The company kept its earnings estimates made in October unchanged. The company forecast net income to rise 0.8 percent to 61 billion yen on sales of 2.57 trillion yen for the year ending March 31. suzuki's annual profit forecast was based on an exchange rate of 110 yen per dollar and 134 yen per euro.
The maker of Alto minicar is expanding production capacity at factories in Hungary and India to meet local demand. The company's unit in India, Maruti Udyog Ltd., controls half of the country's market.
In Japan, sales of suzuki's minicars rose 6.6 percent to 145,367 in the three months ended Dec. 31, according to the Japan Mini Vehicles Association. suzuki's sales of vehicles including the Swift and Escudo sport-utility vehicles rose 5.2 percent to 18,839 vehicles in the three month period.
suzuki said nine-month profit rose 6.8 percent to 47.9 billion yen ($409 million), or 88.04 yen a share, for the nine months ended Dec. 31, from 44.8 billion yen, or 81.61 yen a share in the same period a year ago, the company said in a release today. Sales rose 12 percent to 1.95 trillion yen.
Source: http://www.bloomberg.com/ap...
issued: Wednesday, February 1, 2006
updated: Wednesday, February 1, 2006
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