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Suzuki Predicts $1.3 Billion Loss as Sales Slide
Suzuki Motor Corp. warns that slumping sales in India will cut its net profit 22% to 140 billion yen ($1.3 billion) in the current fiscal year ending March 31.
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Suzuki Motor Corp. warns that slumping sales in India will cut its net profit 22% to 140 billion yen ($1.3 billion) in the current fiscal year ending March 31.
The new outlook reverses Suzuki’s previous forecast that its annual net profit would grow 12% to 200 billion yen ($1.9 billion) this year.
The company’s Maruti Suzuki venture in India normally contributes about 40% of total net income. But the partnership’s monthly unit sales have trailed year-earlier volumes since January.
Suzuki now anticipates that its sales revenue in the current fiscal year will drop to 3.5 trillion yen ($32.4 billion), down 400 billion yen ($3.7 billion). Revenue in fiscal 2018 grew 3% to 3.9 trillion yen.
Suzuki’s net income slid 17% to 179 billion yen in the 2018 fiscal year. Results that year were dragged down by a vehicle fuel economy and exhaust emission scandal in Japan.
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