Suzuki fiscal-year net profit soars
By Yoshio Takahashi
TOKYO (MarketWatch) -- Suzuki Motor Corp. (7269.TO) on Tuesday said its net profit shot up 56% in the fiscal year ended March as it boosted sales in India and other fast-growing Asian markets.
The Japanese maker of small vehicles, which has formed an alliance with Volkswagen AG, said its net profit soared to Y45.17 billion from Y28.91 billion in the previous year. Operating profit climbed 35% to Y106.93 billion from Y79.37 billion. Sales rose 5.6% to Y2.608 trillion from Y2.469 trillion.
But the company, based in Shizuoka Prefecture, central Japan, didn't provide any earnings projections for this fiscal year through March because it is difficult to immediately put together what it considers as a reasonable estimate.
On Monday, Chubu Electric Power Co. (9502.TO), which supplies power in the region where Suzuki runs its domestic factories, agreed to temporarily shut down reactors at the Hamaoka plant in Shizuoka over earthquake safety concerns as requested by the government.
Japan's Economy Minister Kaoru Yosano said earlier Tuesday that the decision by Chubu Electric to suspend the Hamaoka nuclear power plant could cause electricity supply problems this summer.
Suzuki reports earnings based on Japanese accounting standards.
http://www.marketwatch.com/story/suzuki-fiscal-year-net-profit-soars-2011-05-10
