Suzuki income up sevenfold on robust Maruti sales

Japanese car giant Suzuki Motor Corp today reported an over seven-fold jump in net income to 15.16 billion yen (about Rs 814 crore) for the quarter ended June 30, mainly driven by subsidiary Maruti Suzuki's performance in India.

The company had reported a net income of 2.14 billion yen (about Rs 115 crore) in the corresponding quarter last year, the company said in a statement.

Net sales during April-June period increased by 13.71 per cent to 656.28 billion yen (about Rs 35,240 crore) from 577.14 billion yen (about Rs 30,995 crore) in the year-ago period, it added.

"Overseas sales exceeded that of the same period of the previous fiscal year because of sales increase in India by release of the new 'WagonR' in addition to favourable sales of the 'Swift'," the company said.

However, MSI experienced a 20.25 per cent fall in net profit at Rs 465.36 crore for the quarter ended June 30. It was the first time in five quarters that the company reported a decline in its net profit after record breaking numbers in the 2009-10 fiscal.

This was despite an increase in MSI's total income by 26.78 per cent to Rs 8,231.53 crore in the first quarter of this fiscal from Rs 6,493 crore in the year-ago period.