2023 Author: Eric Donovan | [email protected]. Last modified: 2023-08-25 09:36
Suzuki has more than doubled its profit in the first six months of the current fiscal year. The VW partner from Japan therefore raised the earnings forecast for the next six months.
The Japanese Volkswagen partner Suzuki has more than doubled its profit in the first half of the current financial year thanks to high demand in Asia. As the Suzuki Motor Corp announced on Tuesday, the net income increased in the period April to September by 143 percent to 30.4 billion yen (271 million euros). In addition to sales growth in countries such as India and Indonesia, cost reductions and tax breaks on environmentally friendly cars in Japan also contributed to this. Operating income improved 116.1 percent to 68.8 billion yen. Sales rose 11.6 percent to 1.32 trillion yen in the first half of the year.
Aimed at over 21 percent more net profit
The Japanese group, in which VW has a fifth stake, raised its earnings forecast for the full fiscal year that runs until March 31 and is now assuming a net profit of 35 billion yen, 21 percent more than in the previous year. Sales should also increase by 3.3 percent to 2.55 trillion yen, it said.
VW and Suzuki agreed on a so-called cross-shareholding in December 2009, which was completed at the beginning of this year. While VW got in at Suzuki with around 1.7 billion euros, the Japanese invested 850 million euros in VW shares. The deal marked another stage for VW in expanding its important Asian business. Volkswagen plans to replace Toyota as the world's largest car manufacturer by 2018.
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