SUZUKI PROFIT DOWN 66%
Maay 11 2009.

Suzuki has announced that its sales and profits for the fiscal year ended March 31 fell sharply and that it expects yet another difficult year, blaming a slump in overseas sales and the yen's strength.

The maker of small cars and motorcycles booked a net profit of Y27.43 billion in the just-ended period, tumbling 66% from Y80.25 billion a year earlier.

Its group sales fell 14% to Y3.005 trillion from Y3.502 trillion while operating profit plummeted 49% to Y76.93 billion.

For this fiscal year ending March 2010, the company expects an 82% plunge in net profit to Y5 billion, with an 87% fall in operating profit to Y10 billion. Sales are pegged at Y2.300 trillion, down 24%.

It expects to break even both on an operating and net basis for the first half ending Sept. 30.

Suzuki's earnings are based on Japanese accounting standards.


Source: Nikkie