Declines in Indian automotive market hurt bottom line while marine business revenues climb almost 10%
Suzuki Motor Corp released its 2019 first-quarter results on Monday, revealing lower overall sales and profits attributed to a sagging Indian automotive market offsetting gains in the company’s marine and motorcycle business.
Overall net sales for the quarter ended June 30, 2019, were reported as ¥907.5bn, a decline of 8.1% from the ¥987bn in sales reported for the first three months of FY2018. Overall operating income also declined to ¥62.7bn, a year-over-year drop of 46.2% from the ¥116bn reported in Q1 2018. Net income decreased YOY by 52.8% to ¥40.5bn for the quarter, producing gross profits of ¥261.1m compared against gross profits of ¥294.5m for the previous Q1.
The company’s motorcycle business fared a bit better; net Q1 sales increased by 2.0% YOY to ¥65.6bn while operating income for the segment increased by 7.5% year-over-year to ¥2.3bn.
Net sales for Suzuki’s marine segment meanwhile increased by 9.9% to ¥24.8bn for the quarter, driving operating income for the business unit to ¥5.8bn and a YOY gain of 16.5%. The strong marine segment performance was attributed directly to continuing demand for large outboards motors, and in particular the company’s DF350A model, in the surging North American market.
No comments yet