Tokyo: Suzuki Motor Corp said operating profit rose slightly in the third quarter on healthy demand in India, but trimmed its full-year net profit outlook due to a tax-related issue.
Japan's fourth-largest automaker posted a 1 per cent increase in operating profit to 45.1 billion yen ($384.5 million) in the October-December period, just short of an average forecast of 49.7 billion yen from 11 analysts polled by Thomson Reuters.
Suzuki cut its annual net profit outlook by 4 per cent to 120 billion yen, saying a planned cut in the corporate tax rate will affect its calculations for deferred tax assets. The forecast is, however, still higher than last year's net profit of 96.9 billion yen.
Suzuki's Indian business Maruti Suzuki India is India's top-selling carmaker, with nearly 50 per cent of the passenger vehicle market, but it faces growing competition from Toyota Motor Corp, which last month said it would make rival minivehicle maker Daihatsu Motor Co Ltd a wholly-owned unit.
($1 = 117.3400 yen)
Japan's fourth-largest automaker posted a 1 per cent increase in operating profit to 45.1 billion yen ($384.5 million) in the October-December period, just short of an average forecast of 49.7 billion yen from 11 analysts polled by Thomson Reuters.
Suzuki cut its annual net profit outlook by 4 per cent to 120 billion yen, saying a planned cut in the corporate tax rate will affect its calculations for deferred tax assets. The forecast is, however, still higher than last year's net profit of 96.9 billion yen.
Suzuki's Indian business Maruti Suzuki India is India's top-selling carmaker, with nearly 50 per cent of the passenger vehicle market, but it faces growing competition from Toyota Motor Corp, which last month said it would make rival minivehicle maker Daihatsu Motor Co Ltd a wholly-owned unit.
($1 = 117.3400 yen)
© Thomson Reuters 2016
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
