Suzuki Sees Sales, Profit Fall in FY 2019
Tokyo, Oct. 11 (Jiji Press)--Japan's Suzuki Motor Corp. <7269> has revised downward its earnings projections for the year through March 2020, bracing for sales and profit falls, as its mainstay Indian market remains sluggish.
Suzuki lowered the fiscal 2019 consolidated sales estimate to 3.5 trillion yen from the previously anticipated 3.9 trillion yen. The new estimate represents a 9.6 pct drop from the previous year, according to the company's announcement Thursday.
The automaker also slashed the operating profit projection to 200 billion yen from 330 billion yen, foreseeing a 38.3 pct slump from the previous year.
Its recurring profit is now forecast at 220 billion yen, down from 340 billion yen, and the net profit at 140 billion yen, down from 200 billion yen.
The dismal outlook also reflected a fall in domestic sales after the company cut production in the wake of a vehicle inspection scandal, as well as the yen's strengthening versus the dollar and the Indian rupee.
[Copyright The Jiji Press, Ltd.]