Suzuki Motor Corporation reported an 11% fall in third-quarter operating profit to its lowest in roughly three years as vehicles sales in Japan, Pakistan and Thailand declined, while demand in India, its biggest market, stayed subdued.
Japan’s fourth-largest automaker posted an operating profit of 51.8 billion yen ($471.34 million) for the October-December quarter, its lowest since the March 2016 quarter and down from 58 billion yen a year ago. The Q3 profit was also below an average forecast of 58.4 billion yen.
Suzuki kept its forecast for full-year operating profit to drop 40% to 200 billion yen, a four-year low and a long way off its record high of 374.2 billion yen achieved in the business year ended in March 2018.
Suzuki’s arm in Pakistan is also suffering from poor sales amid market slowdown. Sparing the Alto 660cc which is the only model selling in decent numbers, the entire Pak Suzuki product range is suffering from a -68% decline in sales. The company is also observing non-production days ever since the beginning of this calendar year. Pak Suzuki’s assembly plant remained shut for 4 days in January and 3 days in February due to depressing sales.