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Automobiles

Suzuki posts 96% net profit drop as India car sales plunge

Revenue in Q1 falls by more than half after nationwide lockdown

Suzuki posted a 15 billion yen "coronavirus-related loss" as factories were forced to shut down after their host countries imposed lockdowns. (Photo by Kei Higuchi) 

TOKYO -- Suzuki Motor on Monday said its net profit for the April to June quarter slid 96% from a year earlier to 1.7 billion yen ($16 million), due to poor sales in India.

Revenue fell 53% on the year to 425 billion yen. Sales in Asia excluding Japan, including its key Indian market, fell 76% to 105 billion yen. Its Asia business excluding Japan swung to a 6.7 billion yen operating loss.

Suzuki's Indian unit, Maruti Suzuki, posted a 2.67 billion rupee ($35.7 million) net loss for the quarter ended in June. India imposed a two-month lockdown from late March.

Suzuki's European business also swung to a loss. The company also posted a 15 billion yen "coronavirus-related loss" for fixed costs related to factories in areas such as India and Hungary, which suspended operations after host their countries imposed lockdowns.

The carmaker still booked profits in Japan and some other regions.

Suzuki did not give guidance for its fiscal year ending in March, citing uncertainties caused by the coronavirus.

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